There were a couple of decisions upheld against them by the Financial Ombudsman Service, the most recent of which can be read here. With plenty more complaints in the pipeline, they decided to close their doors for good.
What was wrong with the advice?
Multicorp Rose reportedly had introducer firms working on their behalf, using intensive sales tactics and cold calling potential customers. Following the illegal introduction from the unauthorised introducer, Multicorp Rose has made recommendations that were not in the client’s best interest, often transferring their pensions where there was no real need to do so and charging their client fees to do so. In a lot of these cases, the client has ended up paying substantial fees on their new pension with very poor growth to counteract this. The firm also recommended clients invest their funds using a Discretionary Fund Manager (DFM) when they had no requirement for such an expensive service.
If you have received advice from Multicorp Rose, please complete the contact form below and one of our experts will be in touch with you to discuss the advice you have received and they will be able to provide an initial judgment as to whether you would be able to make a claim. We can then take the stress out of your hands and process the claim on your behalf.