An unregulated property investment company has retracted claims its investments were approved by the Financial Services Authority (FSA) and HM Revenue & Customs (HMRC) to be purchased with a pension.
Hove-based IFA Philip Wise wrote to the FSA, HMRC and Advertising Standards Authority after receiving a marketing email from Intelligent Investments.
The company, which offers investment opportunities in the US, UK and the Caribbean, stated on its website: "This investment offers clients a unique opportunity to purchase a five-star luxury unit in one of the most sought after locations in the world. Additionally these are approved by the FSA and HMRC to be purchased with your pension."
Intelligent Investments has now changed the wording to: "Additionally, these are approved by Intelligent Investment, the SIPP providers, our partners and the IFAs involved in the process to be purchased with your pension and can be used to provide for your future."
IFA Wise, who works for Spofforths Financial Planning, said of the change in wording: "I'm not sure what exactly made the difference here but it does show that direct action can help a situation."
A spokesperson from Intelligent Investment said: "This property investment is unregulated. We refer pension and SIPP clients to 1 Stop Financial Services and Mortgage business to Love Financial, who are both FSA regulated."
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