The Financial Ombudsman Service (FOS) has ruled in favour of four complainants who separately claimed they were given unsuitable advice to transfer their personal pensions to new plans permitting investment in overseas property.
In each case, the Ombudsman has ordered the advisory businesses involved - named as Regency Financial Resources, Kingswood Financial Advisors and CIB Life & Pensions - to compensate the clients who ultimately invested in unregulated overseas property scheme Harlequin. One case involved a presentation given by an IFA at a 'money club' and a deal eventually transacted on an execution-only basis. But it is set to cost the firm £45,000 in compensation. The four latest results, each dated in 2015 and involving transfers to self-invested personal pensions (SIPPs), mean the FOS has now ruled...
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