The Financial Ombudsman Service (FOS) has ordered network Pi Financial to compensate two clients it recommended invest in an unregulated collective investment scheme (UCIS).
Last month, the Financial Services Authority (FSA) fined Pi £58,300 for recommending hundreds of clients invest in UCIS or structured products that were "clearly" unsuitable. A FOS ruling seen by IFAonline, and dated 4 October, refers to one recommendation for a couple to invest in the Stirling Mortimer Global Property fund. It ruled in favour of the cllients and has asked Pi to contact them to arrange compensation. Some 168 clients were advised by Pi Financial to invest a total of £6m into UCIS, the FSA said. Gareth Fatchett, partner at law firm Regulatory Legal, which is actin...
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