Firm told to reimburse client for unregulated overseas property advice

95% of pension lost

Hannah Godfrey
clock • 2 min read

The Financial Ombudsman Service (FOS) has told an adviser to compensate a client, who lost almost all her pension savings as a result of a SIPP transfer into an unregulated property investment in the Caribbean.

The complainant, referred to as 'Ms L' by the ombudsman, lost some £63,000 - 95% of her pension - after she was persuaded by an unregulated introducer to invest in a property on the island of St Lucia. In 2012, Ms L met a representative from unregulated introducer firm SIPP-Able at her home. They discussed how she might invest the pension she had recently received as part of a divorce settlement. Application forms for a self-invested personal pension (SIPP) were completed at the meeting and adviser Fergus Burns - who trades as The Financial Planning Partnership - was named as the regu...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Navigating PISCES: FCA regulation doesn't equal protection

Navigating PISCES: FCA regulation doesn't equal protection

'Those investing via PISCES, and their advisers, should scrutinise issuers and their disclosures carefully'

James Tyler
clock 28 March 2025 • 4 min read
FOS sides with Ludlow WM after client's professional representative made 'poor submissions'

FOS sides with Ludlow WM after client's professional representative made 'poor submissions'

Complaint not upheld against Ludlow Wealth Management

Isabel Baxter
clock 27 March 2025 • 3 min read
Regulators rethink D&I targets 'to avoid additional burdens on firms'

Regulators rethink D&I targets 'to avoid additional burdens on firms'

FCA and PRA to take different appraoch to diversity and inclusion

Linus Uhlig
clock 13 March 2025 • 2 min read