A police investigation into the collapse of an asset management firm has been called a “wake-up call” by lawyers.

Ipswich based firm Universal Wealth Management is being investigated by Suffolk Police following its handling of families’ wealth and assets, with two people connected to the firm arrested in April.

They have since been released but remain under active police investigation.

Now solicitors acting for alleged victims have spoken out on the importance of using regulated, insured and qualified professionals when putting wills and trusts in place.

Jennifer Russell, associate solicitor at Leamington law firm Wright Hassall, who has worked to assist some of those affected, said: “It is a worrying situation for people who have typically been advised by Universal Wealth Management to place the family home or other assets into a trust controlled by trustees who include companies associated with the firm.

“They are often now unsure whether their assets are safe.

“Having worked with families who have been affected by the firm’s collapse, I would encourage anyone who has been advised by Universal Wealth Management in the past to seek advice from an independent lawyer to check the documentation put in place by Universal Wealth Management and where necessary remove companies associated with the firm as trustees of any trust.”

A BBC investigation featured some of those hit by Universal Wealth’s collapse last night as part of an investigation into the firm.

The programme featured people speaking about their missing money, including one man, Nigel Watson, of Burnley, Lancs, whose parents handed over their life savings of £250,000 to the firm.

One of Wright Hassall’s specialist private wealth lawyers, Lorna Payne, who has also advised those affected by Universal Wealth Management’s collapse, said: “The problems caused by Universal Wealth Management can hopefully be resolved in a positive way for those affected but in the meantime they have often caused much stress and worry.”

A Suffolk police spokeswoman said: “Two people who were arrested on suspicion of fraud as part of a large-scale financial investigation have had their police bail cancelled. 

“Both have now been released under investigation whilst inquiries are continuing.”

Action Fraud confirmed at least 140 clients of Universal Wealth had contacted it about missing money.