Omar Hussein, former director and senior financial adviser at pension switching firm Consumer Wealth Ltd (CWL), has been prohibited from working in financial services and fined £116,000, the Financial Conduct Authority (FCA) has revealed. The FCA found Hussein advised customers to switch their existing pensions when this was often unnecessary and not in their best interest. Between 2015 and 2017, Hussein and his firm advised 620 customers to switch their pensions into self-invested personal pensions (SIPPs) containing significant investments in ‘Portfolio 6' (P6), a high-risk investme...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes