Thai hotels, olive trees and 'conflicts of interest' - Portafina's complaints laid bare

Unregulated collective investment schemes

Hannah Godfrey
clock • 13 min read

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

  • 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 Your profession

WIFA entry tips from the judges: Insight into what makes a standout entry

WIFA entry tips from the judges: Insight into what makes a standout entry

Gillian Hepburn and Sam Slator in the studio

Professional Adviser
clock 10 June 2026 • 1 min read
Small firms to file accounts with Companies House from 2028

Small firms to file accounts with Companies House from 2028

Must file profit and loss accounts but can opt out of publication

Sophia Panayi
clock 10 June 2026 • 2 min read
FCA deputy CEO: Regulator cannot scale financial inclusion initiatives alone

FCA deputy CEO: Regulator cannot scale financial inclusion initiatives alone

FCA deputy CEO Sarah Pritchard speaks to Treasury Committee

Sophia Panayi
clock 09 June 2026 • 3 min read