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PORTAFINA AND PORTAL FINANCIAL SERVICES
Portafina LLP, which used to be called Portal Financial Services LLP, offers some people a “free pension review” – a chance to review their pension arrangements.
However, over the last few years, the Financial Ombudsman Service has upheld over 20 complaints against Portafina relating to pensions and investments advice.
Many of the Financial Ombudsman cases that were upheld against Portafina featured high-risk pension investments, which should only be recommended to certain people who can understand, manage and afford the risk they represent.
The investments include:
- The Koroni Fund, which “loaned money against assessed financial claims”.
- The Hypa Asia Fund, which used money to invest in ‘Offplan’ villas and hotel rooms, intended to be re-sold at higher prices.
- Raithwaites Hypa Fund, investing in overseas property.
- Venture Oils, “Pre purchased crude oil at an agreed set price and then sold it back to the open market.” Read More
- EOS Solar, “invested in solar thermal” developments in Cyrpus. Read More
Timeline of events: Portafina
Did you know, we’ve made successful claims about high-risk SIPP advice before?
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Why are some SIPPs high-risk?
It’s not the SIPP, but the investments inside it. UCIS investments are high-risk, and therefore only suitable for people who fit some of the descriptions below:
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