THE FINANCIAL FACTORY LTD
As financial advisers based in Northern Ireland, The Financial Factory Ltd had rules to follow when giving people advice about their pensions, ensuring that their clients don’t take on more risk than they can afford with an unsuitable pension transfer.
But we know know that they didn’t always get their pension advice right, having facilitated some of their clients’ transfers into SIPP pensions to make high-risk and non-FCA regulated investments, like overseas property scheme Harlequin Properties.
Financial advisers should be making sure people have the knowledge and experience to handle investments like these, as well as the wealth and/or income to be able to take the risk on, before recommending high-risk investments like these.
Now, the Financial Factory Ltd is no-longer authorised by the Financial Conduct Authority, and have been declared in default by the FSCS, with 2 FOS decisions upheld against them for SIPP pension related mis-selling.