Adviser network TenetConnect has been ordered to compensate four clients in relation to investments in unregulated investment schemes (UCIS) carried out on a non-advised basis through self-invested personal pensions (SIPP).
The Financial Ombudsman Service (FOS) ruled Tenet was wrong to help clients open SIPP accounts so they could invest in an unregulated scheme without giving them advice. Four clients had transferred all their pension savings into single asset property investments via Resina Golf Limited in Spain before discovering they only owned a piece of land adjacent to the golf course. They were then unable to transfer their pensions to a more suitable arrangement. The FOS said Tenet had overlooked its regulatory responsibilities and had facilitated an unsuitable investment that it should have war...
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