In the early part of this decade, advice firm Portafina, then known as Portal Financial, recommended a number of clients place the majority of their pensions savings into a handful of unregulated collective investment schemes (UCIS).
In the early part of this decade, advice firm Portafina, then known as Portal Financial, recommended a number of clients place the majority of their pensions savings into a handful of unregulated collective investment schemes (UCIS). Since 2016, the firm has received more than 100 complaints from clients, with many being taken to the Financial Ombudsman Service (FOS). Strikingly, nine in every 10 concluded cases have been upheld in favour of clients - a much higher proportion than the average for self-invested personal pension (SIPP) based gripes. What is more, in a few of the cases, the...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
Already a Professional Adviser member?
Professional Adviser journalist from 2016-2020
