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Home / Mis-Sold Pensions / SIPP Claims / Financial Advisers and Mis-Selling / Portafina (Portal)

Portafina LLP (Portal)

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You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

Portafina, Portal and Financial Services

Portafina LLP, which used to be called Portal Financial Services LLP, offered 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 27 complaints against Portafina, primarily 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.

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What investments are involved with Portal?

As you can see from the FOS decisions, many Portal claims involve one or more investments from the following set of 5:

  • The Koroni Fund, which ‘loaned money against 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’
  • EOS Solar, ‘invested in solar thermal’ developments in Cyprus.

All of these investment schemes place client money in non-FCA regulated markets, usually abroad, making them high-risk investments.

Investments like these should only be recommended by a financial adviser when the prospective investor is suitable, matching their risk profile to the risk of the investments.

For your average retail investor, these schemes are not likely to be suitable, and have been widely mis-sold.

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If you invested in a SIPP, you may be able to claim

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

Can you claim for Portafina mis-selling compensation?

Several financial advisers and the FSCS have been paying out compensation for having been mis-sold SIPP investments for a few years including Portafina, with Get Claims Advice often leading the claim on a No Win – No Fee* basis.

If you:

  • Transferred your pension to a SIPP
  • Took investment/pension advice from Portafina
  • Invested in any of the high-risk investments mentioned above
  • Aren’t earning over £100k per year
  • Aren’t a Sophisticated Investor

Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.

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Portafina LLP timeline of events

2009 - Portal Financial Services

Portafina LLP starts life as Portal Financial Services LLP before changing its name in 2016.

2014 - First complaint

FOS Decision DRN5064883 details how Mrs B received unsuitable advice from Portal, and ended up with a SIPP pension with high-risk UCIS investments.

The final decision was to uphold the complaint against Portal, and for Portal to pay compensation to Mrs B.

2016 - Rebrand

The firm changed their name to Portafina LLP.

2018 - 'flurry' of complaints

In September 2018, FTadviser detailed how Portafina had responded to 128 complaints about it’s services received by the Financial Ombudsman Service.
The FOS said that most of the complaints related to unsuitable advice.

2019 - Portafina Today

The last of the published FOS decisions (now totalling 27 entries) tells a similar story to Mrs B in 2014.
Dated January 2019 DRN7730113 tells how Mr A received advice unsuitable SIPP advice from Portal, who were asked to pay compensation.

Could you be owed compensation for a mis-sold SIPP investment?

Find out now with a free call back from one of our specialists

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

Mis-sold SIPP complaints

SIPPs were designed to give pension savers more control over what their retirement fund was invested in.

But in many cases, financial advisers gave negligent advice over pension switches and transfers to SIPPs, often putting their clients at risk from non-standard investments that were not suitable for them.

We know that Portafina is certainly one of these advisers that got it wrong in the past.

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We’ve made successful claims over mis-sold SIPP investments before

Click the button below to see an example of a Get Claims Advice claim against a mis-sold SIPP investment

See example claim

Ready to make a claim with Get Claims Advice?

 

Receive a free call-back from a specialist to get started

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

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Resort Group Mis-selling Compensation FAQ's

Is Portafina LLP still operating?

Yes, despite over 100 claims being levelled at Portafina with many upheld, Portafina remains authorised and regulated by the Financial Conduct Authority.

Have there been many Portafina Complaints?

Yes, well over 100 that we are aware of thanks to a statement from the Financial Ombudsman Service. Because Portafina is still operating and has not been declared in default by the FSCS, Portafina complaints must go directly to them, or to the FOS, either by directly or via a team of specialists like the ones at Get Claims Advice Ltd, who’ve won hundreds of mis-sold pension claims.

Can anybody make a claim against Portafina?

No, there has to be a legitimate reason to put forward a claim. Most of the claims against Portafina involve unsuitable advice, and from the published examples you can see that they tend to involve SIPPs and up to 5 different high-risk investments.

If you dealt with Portafina over a SIPP pension, you may have been mis-sold. Find out if you can make a claim with a FREE initial assessment with the team at Get Claims Advice.

 

a Sophisticated investor
SOPHISTICATED INVESTOR Do you have a wealth of knowledge and experience in investing?
Compensation
HIGH NET-WORTH 1 Do you earn in excess of £100,000 per annum?
High net worth individual
HIGH NET-WORTH 2 Or do you own £250,000 worth of investable assets?

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Ready to make a claim?

Speak with an adviser to see if you can make a claim on a No Win – No Fee* basis

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

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