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dfm under fire

DFM Beaufort told to pay out over alternative investments that lost over £70k

04/07/2017

The Financial Ombudsman told Beaufort Securities to pay a claim to one client who lost £71000 in high-risk investments as part of his DFM ran portfolio. Earlier in the year, Beaufort was asked by the Financial Conduct Authority to limit it’s permissions in regards to activities regarding DFMs. High-risk investments in DFMs Discretionary Fund Managers … Continued

FSCS mis-sold pension claim

SIPP and SSAS pension complaints jump by a third: is your pension safe?

13/06/2017

The Financial Ombudsman Service’s annual report has shown that complaints about SIPP and SSAS pension arrangements has increased by over a third for the year leading up to the 31st March 2017. What are the SIPP and SSAS complaints about? Well, we know that a lot of the 1,574 complaints were against the financial adviser … Continued

A judges gravel

FOS tells IFA Blackstar to pay client compensation over storage pod investments

30/05/2017

BlackStar Wealth Management added to the long list of IFAs to give unsuitable SIPP pension advice over high-risk storage pod investments The Financial Ombudsman Service has ruled that Blackstar Wealth Management a complaint about a mis-sold pension from Blackstar Wealth Management should be upheld, after it was determined that advice for ‘Mr I’ to invest … Continued

IFA no-longer authorised was found at fault in 4 cases by the Ombudsman

23/02/2017

Cheshire-based R W Harris Limited, an IFA that was previously authorised by the FCA under number 143856, had 4 Financial Ombudsman complaints against it upheld between July 2014 and April 2016, it has been revealed. All 4 of the complaints revolved around investments advised on by R W Harris Limited, some of which it is … Continued

Apollo Pension & Investment Advisers asked to pay compensation to three clients over ‘unsuitable’ SIPP advice after Green Oil Plantations investments

25/01/2017

One such case involved the pension transfer of a man with degenerative neurological conditions, who later died. Regulated IFA, Apollo Pension & Investment Advisers has been asked by the Financial Ombudsman to pay out compensation regarding 3 cases where the FOS adjudicator decided that their pension advice was unsuitable. In each of the 3 Ombudsman … Continued

The Falcon Group – Lighthouse Group PLC has 15 upheld complaints over UCIS investments

23/01/2017

The Falcon Group Limited (Falcon), now owned by advice firm Lighthouse Group PLC (Lighthouse) since 2008 has had over 15 FOS decisions upheld against it relating to unsuitable pension advice, often involving the same series of UCIS investments on offer from Merchant Place Property Partnership, or involving Splash Broadcast investments. UCIS Property Investments and The Falcon … Continued

Single IFA faces FCA restrictions after no less than 14 upheld Ombudsman complaints regarding high-risk investments into SIPPs

18/01/2017

Kingswood Financial Advisors, a Mid Glamorgan based financial advice firm has had restrictions imposed by the Financial Conduct Authority that mean it can no longer transfer people’s pensions into SIPPs with Non-Standard Investments. The FCA notes say that the firm must not “carry out any regulated activities in relation pension switches and/or pension transfers to … Continued