The former clients of a rogue IFA have complained that Quilter International is still pocketing fees from them, despite falling victim to a multimillion-pound fraud.
But there is nothing to suggest any wrongdoings from the insurer.
The adviser, Martin Rigney of Topps Rogers Financial Management, was jailed in 2017 for forging client documents. He did not inform his clients he had moved their money into high-risk unregulated vehicles, including a Polish property fund.
The investments have been frozen since 2008 and savers cannot get their money out.
According to newspaper The Times, Rigney used a Royal Skandia pension service to transfer the money.
Royal Skandia then became Old Mutual International, which was later brought into Quilter Group.
Although there is no suggestion of misconduct from Quilter International, clients have raised concerns about its failure to detect Rigney’s fraudulent activity.
Similar issues are being raised with other providers that took money from pension mis-selling, the newspaper found. This is because even though the advisers involved have been struck off, the insurance companies have been allowed to keep the fees they charged for such transfers.
Reportedly, Rigney’s victims still pay hundreds of pounds a year in administration fees to Quilter International.
Highest standards
International Adviser reached out to Quilter, but the firm said that it could not provide a comment since Utmost Group acquired its international arm last month.
Similarly, Utmost told IA that it could not comment on the matter as it’s only had control of Quilter International for two weeks.
It added: “Utmost Group completed the acquisition of Quilter International on 30 November 2021. Whilst we are not in a position to comment on individual cases, the provision of good customer outcomes is central to Utmost Group’s strategy, and we take our obligations to clients seriously.
“The group is continuously working to improve customer outcomes, providing value for money as well as full transparency around fees and charging structures. We apply the highest standards to the advisers we work with and work with advisers to ensure that customers outcomes are paramount.”
