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The Financial Factory Ltd & SIPP Pension Claims

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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.

Timeline of events: The Financial Factory Ltd

2008 - Company formed

The Financial Factory Ltd is formed as a company in Northern Ireland.

2014 - CVA meeting and insolvency

In June 2014, the company went into insolvency proceedings, with a meeting that led to a Creditor’s Voluntary Agreement.

2017 - Ombudsman decisions

In September 2017, 2 separate complaints were upheld against The Financial Factory Ltd, both involving advice to invest in Harlequin Properties through a SIPP pensions. You can read the first one here

2018 - Dissolved and in Default

By August 2018, the company was completed dissolved. The FSCS declared The Financial Factory in default the following month, meaning that any further claims against their advice would be considered by the Financial Services Compensation Scheme.

Did you know, we’ve made claims over Harlequin SIPP advice before?

We’ve been dealing with claims over mis-sold Harlequin Investments through SIPPs for years.

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How do high-risk investments get mis-sold?

Taken advice and wonder if you’ve been mis-sold a high-risk investment? Watch this short video.

SOPHISTICATED INVESTOR

Do you have a wealth of knowledge and experience in investing?

HIGH NET-WORTH 1

Do you earn in excess of £100,000 per annum?

HIGH NET-WORTH 2

Or do you own £250,000 worth of investable assets?

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