Think you might have been mis-sold?

Search below for investments, advisors, articles, and more… and then hit enter

01204 205 061
Home / Furness Financial Management – 2 win claims for mis-sold pension advice
Car Park SIPP Claims Categories: Finance News FOS FSCS SIPP Claims
Jonathan Proctor AuthorPerson

Job Title: Business Development Director
For more information about me please click here.

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 their pensions into SIPPs: Self Invested Personal Pensions, and about the suitability of the underlying investments.

Furness Case 1: DRN9563217
(SOURCE)

“Mr D says it [Furness Financial Management] made different arrangements for his pension funds to the ones agree. Because of this, MR D has suffered a financial loss”.

In August 2014, Furness approached Mr D and advised on the suitability of a new pension arrangement, but then executed alternative plans involving investments that were either “unavailable or not viable”.

Furness Case 2: DRN3341501
(SOURCE)

Mr H received advice from Furness Financial Management Limited, advising her to open a SIPP to invest in a UCIS – an unregulated collective investment schemes. (UCIS are characterised by falling out of the jurisdiction of the FCA, and are therefore considered high-risk investments).

This advice was given despite Furness noting that Mr H “had little previous investment experience”, therefore not fitting the description of a Sophisticated Investor needed to enter such investment. Nor was there any evidence to suggest he was a “High Net Worth Individual”, earning £18,000 per year instead of £100k+.

Furness Financial Management invested Mr H’s SIPP into Best Car Parks fund, which offered high-returns but was unregulated and high-risk.

Do you have a similar case?

If you’ve dealt with Furness Financial Management, our claims specialists would like to chat – all part of a FREE initial assessment to see if you could make a claim, so if you’ve got a SIPP and aren’t sure about your pension arrangements, get in touch!

Tags: Car Park Investment Claim Furness Financial Management Mis-sold SIPP sipp


Leave a Reply