FOS orders IFA to compensate client for UCIS property fund losses

In May 2007, Greystone advised Mr P to invest £25,000 of his self-invested personal pension (SIPP) in the Phoenix Spree Deutschland fund and another £25,000 in Rock Industrial UK Property fund. Mr P had been a client of Greystone since 2001 but the fact find completed at the time only recorded that he was aged 51, was married and had no dependants. The Fact Find Risk Assessment Update sheet was only completed in July 2007 after the two investments had been made. In a letter dated 18 July 2007, Greystone said Mr P had a ‘realistic' risk profile - someone who accepted a higher degree...