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Mis-Sold DFM Portfolios

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Discretionary Fund Management (DFM) is where a fund manager builds a portfolio of investments for you, usually made up of corporate bonds.

These fund portfolios are often sorted by how much risk and reward they represent: low, medium and high-risk.

But problems happen when low risk people get put into high-risk funds, or high-risk funds get mis-labelled as low risk.

It’s led the FCA to put out a warning about third generation pension scams.

Timeline of events: 1st, 2nd & 3rd Generation Scams

1st Generation Scam

First generation scams involved cold-calls and brochure, offering things like physical but high-risk and unregulated investments, such as commercial property, leading to a direct investment.

2nd Generation Scams

People caught onto the dangers of these investments, so scammers obscured the high-risk investments by creating SPVs (special purpose vehicles).

3rd Generation Scams

Eventually, these bonds ended up with Discretionary Fund Managers to help further obscure the high-risk nature of the investments, adding an extra layer of disguise to the sales process to make it more difficult for people to understand what they are actually investing in.

2017: Warnings and Regulator Action

The FCA’s warning was sent out to pension providers in 2017, and around this time, several IFAs and DFMs were taken to task over issues with DFM portfolios and SIPP mis-selling, including:

In some cases, DFMs were told not to take in any new client money into their portfolios (such as Greyfriars Portfolio Six), and many firms have now entered into insolvency proceedings.

Did you know, we’ve made successful claims for mis-sold investments before?

We’re specialists at mis-sold pension claims, many of which involved high-risk investments through SIPP pensions.

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How do investments get mis-sold?

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