The trustee of Green Retirement Pension Plan
has told over 70 pension scheme members to look at making a claim for bad advice against their IFAs over their Global Forestry Investment schemes, it has been reported.
Jonathan Purle took over for the Defined Contribution scheme back in 2016, and for those scheme members who have Para Sky Brazilian Teak investments, marketed by Global Forestry Investments (GFI), his advice was to look at the prospect of making a claim to recover their money after the forestry investment was given a nominal value of just £1.
Designed 4 Life Ltd & Total Wealth Solutions
As reported by New Model Adviser, at least 2 advice firms may have been placed in the firing line by this advice, with Designed 4 Life Ltd reportedly earning around 3% commission for transfers into the scheme.
Total Wealth Solutions, too, is the name on the sheet for at least 150 investors in Green Retirement Plan, charged at the same 3%, who already have already had 2 FOS claims upheld against their advice.
Unregulated and High-Risk Forestry Investments.
The team at Get Claims Advice often speak to new investors in high-risk forestry investments, usually unregulated by the FCA.
In the case of GFI, the proof of this risk may have been in the pudding, with the value being written down to £1 and a Serious Fraud Office investigation underway.
Not everyone is suitable for high-risk investments into non-standard products like these, not fitting the description of a High Net-Worth Individual, nor a Sophisticated Investor, or even told about the potential risks involved.
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Investments such as GFI, that may have been mis-sold through the negligent
actions of an IFA
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