6 Comments

  1. T.J.Sawkins
    May 23, 2018 @ 7:34 pm

    I Lost £ 20.000 just transferring my Private pension into a QROPS account with these scammers. Money I had worked hard for all my working life, never asking the Government for a penny.Now with very little left in my pension pot will the Government Help??….NOT even to stop the scammers or even offer them a prison sentence if caught. CWM OMI Laughing at us and rubbing their grubby little hands

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  2. Andrew Gaff
    May 23, 2018 @ 8:58 pm

    I invested £38,000 with CWM as QROPS and it is now worth £4,000.
    This is a total scam.

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  3. Derrick Towlson
    May 23, 2018 @ 9:56 pm

    Being one of the victims of CWM / OMI there are no words strong enough to express my anger and frustration. This is a very serious situation that has to stop NOW before thousands more get scammed. The law and legislation is a joke with no support for those whose lives are changed forever with very little chance of ever recovering their losses.7

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    • Angie
      May 24, 2018 @ 8:13 am

      I agree absolutely. It is utterly disgusting that this was ever allowed to happen in the first place. So-called professionals, regulators and governments taking no action. Until those responsible get prosecuted and jailed, this will just go on happening.

      Reply

    • Stephen
      May 24, 2018 @ 9:24 am

      I feel adequate legislation is in place but it is only effective if authorities have the will to enforce it.

      Reply

  4. Stephen
    May 24, 2018 @ 9:22 am

    The issue is whether OMI had any duty of care to the investors and a legal responsibility to take any action.

    Not sure I can see any. Doing “nothing”- what the law terms as “nonfeasance” – does not make a person(s) liable.

    For example, a Doctor doing a life-saving operation on you has a duty of care to use his skill with care and not do you any harm through negligence. If however, he then leaves some instrument or swab or whatever inside you and you then get some infection and die from that carelessness he is liable for that negligence.

    However, if the operation is cancelled – usual NHS reasons of waiting lists, lack of beds, funds, resources etc. – and he doesn’t do that operation and as a result of the delay you die before it can be rescheduled, then he is not liable.

    If donating £100 to a charity saves a child’s life and we choose not to donate the money and the child dies, we are not responsible for that child’s death for “doing nothing” – ie not making a donation – to save that child.

    So “[OMI did] … have every right to … do absolutely nothing..”

    So generally, doing nothing, whilst it might be morally repugnant, does not confer liability for the outcome.

    Now it might be different however if, at the time the “product” (these life bonds) were created – by OMI – it was foreseeable by them that investors would most likely suffer losses from using the wrapper because it was known the marketing of the product was carried out with false misrepresentations by unlicensed advisers, then one might be able to show OMI were liable because they intentionally created a product knowing it could cause financial harm.

    That’s my analysis anyway. It’s going to take a clever law firm to get any redress for the victims and a “liability for doing nothing” is (imho) a non-starter. I feel the trustee, who does have a duty of care, is perhaps a better target – similarly the adviser for tort of deceit – https://write.as/scam-victim/tort-of-deceit-and-pension-scams

    I have always maintained that a person or company will act if and only if they stand to lose something by not acting (either money or freedom) and success at getting any action is to show they stand to lose something. My advice is show who is highly likely responsible by failing their fiduciary obligation and put together a convincing argument they stand to lose something – then they will act.

    That would be a more productive campaign than appealing to people’s “morals”. It’s like attacking people – who also have children – for not donating to charities that saves children, knowing hundreds of children are dying on a daily basis without it.

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