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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.Get started now
As you can see from the FOS decisions, many Portal claims involve one or more investments from the following set of 5:
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.
If you invested in a SIPP, you may be able to claim
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.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.Speak with an expert
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.
The firm changed their name to Portafina LLP.
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.
Find out now with a free call back from one of our specialists
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.Get started now
Click the button below to see an example of a Get Claims Advice claim against a mis-sold SIPP investmentSee example claim
Yes, despite over 100 claims being levelled at Portafina with many upheld, Portafina remains authorised and regulated by the Financial Conduct Authority.
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.
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.
Speak with an adviser to see if you can make a claim on a No Win – No Fee* basis