FCA concerns over mis-leading labelling of investment portfolios

Do you really know if your SIPP portfolio investments are “cautious”? The UK regulator has criticised some investment platforms for labelling investment portfolios in a may that may “mislead” customers about the risk the investments present. Many investment companies build portfolios of investments, and label them with names such as “cautious”, “Conservative” or “balanced”, but…

Beaufort securities claims news and update

US Prosecutors charge Beaufort Securities with Fraud

UK & US authorities teamed up to investigate Beaufort Securities Limited for “securities fraud” Beaufort Securities, which helped clients build collections of investments, has been charged with fraud by the US Department of Justice, following an investigation that involved multiple other “conspirator” firms/individuals, and an undercover sting involving a Picasso painting. The UK’s own financial…

lost money to pension scam

Pension scandal losses could reach as high as £1bn! Have you checked your own pension?

A deeper look at your SIPP might set you at ease, or give you more questions than answers… PASA chairman says £1bn from pensions could have been lost to scammers Tip of the pension mis-selling scandal iceberg Example of a mis-sold pension According to the chair of the Pensions Administration Standards Association, Margaret Snowdon, people…

What is a non-standard asset?

FCA probes SIPP providers about number of non-standard investments – what does it mean for your pension?

Has high-complaints driven the FCA to weigh up options about mis-sold pensions? Regulator asks SIPP providers to show their cards Non-standard investments focal point on investigation What IS a non-standard Investment? Could you be effected? The Financial Conduct Authority has asked all providers of Self-Invested Personal Pensions (SIPPs) to reveal the details of any non-standard…

questions about pensions

Transferred your Defined Benefits Pension? The regulator says that over 50% of transfers were not deemed suitable!

Was your defined benefit pension transfer the right decision? Or do you have a claim? The Financial Conduct Authority has conducted a review of 88 pension transfers, in which people had taken advice from a regulated independent financial adviser to move their Defined Benefits pension into something else, only to find that only 47% of…

Enquiries about SIPP and pension transfers increase AGAIN, says Ombudsman

Are you sat on a SIPP complaint? The FOS (Financial Ombudsman Service) has published figures that show a 59% increase in enquiries relating to Self-Invested Personal Pensions (SIPPS) in Q1: April – June 2017, along with a rise in complaints regarding pension transfers. The service which has the power to force companies to pay clients compensation…

Car Park SIPP Claims

Furness Financial Management – 2 win claims for mis-sold pension advice

The FOS found in favour of the client in two cases involving unsuitable pension investments in SIPPs Furness Financial Management, no-longer authorised by the FCA and declared “in default” with the FSCS, was based in Staffordshire, and as of 2017 has 2 FOS decisions held against it, both relating to advice it gave clients about moving…