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Torch Wealth Management to pay up over SIPP advice


Financial advice firm Economic Financial Solutions IFA, which also went by the name of Torch Wealth Management, is set to pay a client compensation over SIPP pension advice. The Financial Ombudsman Service decided that Mr M’s complaint should be upheld, after he said he had suffered “severe financial losses” as a result of Torch Wealth … Continued

Man confused over financial advisers responses

Financial advice firm refuses to declare that it gave advice over SIPP


Lighthouse Advisory Services – a principal IFA that has operated with several Appointed Representatives, has been told to pay compensation to a client by the Financial Ombudsman, because it refused to sign paperwork declaring that it gave financial advice. In a recently published financial ombudsman case, Mr B was given advise to transfer his two … Continued

1000 claims against SIPP providers

Financial Ombudsman receives 1,000 complaints against SIPP providers


For some time now, many people have wished to make claims against their SIPP provider because of supposed due diligence and responsibility failings that allowed unsuitable high-risk investments to take place. But such claims have been effectively put on hold for years while the responsibilities of SIPP providers has been debated. A huge part of … Continued

FOS see's a rise in SIPP complaints

Further 37% jump in SIPP complaints to the Ombudsman – Are you affected?


If you are having second thoughts about your SIPP pension transfer, a new statistic released by the Ombudsman may let you know that you’re not alone… Complaints about SIPP pensions have risen 37% over the last 12 months, according to new data released by the FOS. SIPP pensions are different to many other personal pensions, … Continued

Beaufort securities official complaints

Beaufort Securities hit with fresh wave of complaints


A “steady stream” of complaints about Beaufort Securities has been rolling into the Financial Ombudsman Services, with a newly upheld complaint just published. The “troubled” investment portfolio manager has agreed with the watch-dog to restrict the activities of its DFM (portfolio management) business, and in 2017, Beaufort wrote to some clients to say that it … Continued

Grainger Co Claims after de-listing

Foreman Financial Services (GraingerCo) ignores Ombudsman over mis-sold SIPP complaint


The Tunbridge Wells firm is now closed, after the FCA revoked their authorisation Foreman Financial Services, which often traded as GraingerCo has closed it’s doors after the FCA took action, apparently over the way it handled itself over a SIPP pension complaint. The FCA, which regulated all authorised financial services companies, took away GraingerCo’s ability … Continued

increase in sipp complaints

Financial Ombudsman confirms 76% rise in SIPP related complaints


More mis-sold SIPPs on the horizon? FOS data adds to mounting evidence of a pension mis-selling scandal 49% of complaints upheld The FOS has released figures showing a 76% increase in complaints regarding SIPPs for the period between July and September 2017 when drawing a comparison to the same time in 2016. Following the upwards trend … Continued

SIPP company accused of “gagging” Ombudsman complaints


Carey Pensions has been accused of sending “threatening” letters to it’s clients in an effort to halt FOS decisions going public If you’ve ever wondered whether you can read about upheld ombudsman complaints against financial firms and institutions, you can – just go to http://www.ombudsman-decisions.org.uk, but one SIPP provider – Carey Pensions, has been accused of … Continued

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 … Continued