JP FINANCIAL MANAGEMENT LTD AND UNSUITABLE PENSION ADVICE
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).
Timeline of events: JP Financial Management Ltd
2006 - Company Formed
J P Financial Management Ltd officially becomes a registered company on the 3 November 2006.
2013 - First FOS complaint upheld
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.
2016 - 2nd FOS Complaint
Further issues became apparent a few years later, when FOS decision DRN2973037 was published. Miss P received advice from JP Financial Management Ltd that involved the transfer of an occupational pension scheme into a private personal pension. The adjudicator said that ‘JPFM had a duty to advice Miss P of all the transfer options so she could make an informed decision. It did not do this […]’
Again, the transfer was deemed to be unsuitable because of the risks involved.
20108 - Final FOS Decisions
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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