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Financial advice firm JP Financial Management Ltd was found to have given unsuitable pension advice 4 times by the Financial Ombudsman Service (FOS), and told to pay redress to help rescue their clients’ positions.
In some of these cases, the unsuitable pension advice involved transfers away from valuable final salary or defined benefits pension schemes.
Schemes like these are considered rare and valuable, and transfers away from them are rarely considered to be in the client’s best interests.
JP Financial Management Ltd is no-longer authorised to give pension advice by the Financial Conduct Authority (FCA).Get started now
If you changed your pension with JP Financial Management, you may be able to claim
Not every financial adviser gives great advice, and in some cases, many were negligent.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.Speak with an expert
Ombudsman complaint DRN2480067 relates to advice JP Financial Management gave to ‘Mr A’, involving the transfer of Final Salary Pension into a SIPP (Self Invested Personal Pension). The decision was that the transfer was too high-risk for Mr A’s medium risk profile, as Mr A would have been giving up a promised income in retirement and exposing that money to more risk that was suitable.
In July and September 2018, two further complaints were upheld by the FOS. Decisions DRN1821437 and DRN6050984 detailed how Mr G & Miss H respectively had received unsuitable advice to transfer their defined benefits pensions which exposed them to unsuitable levels of risk for their retirement funds.
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Check out this life-changing mis-sold SIPP claimSee example claim
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