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…
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…
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…
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,…
Financial advice firm Personal Touch Financial Services has been told by the Ombudsman to compensate their client “Mrs H” for unsuitable investment advice to invest in the Merco Bond. Mrs H was advised by a party working on behalf of Personal Touch Financial Services to invest £41,000 into the Merco Bonds, which promised high returns…
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…
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…
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…
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…
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…