The Financial Ombudsman Service (FOS) has ruled Intrinsic Independent Limited must repay about £86,000 to a client it gave unsuitable advice to invest his self-invested personal pension (SIPP) into an offshore property unregulated collective investment scheme (UCIS).
According to the FOS ruling, in 2007 Intrinsic, formerly Mint Financial Management, advised the client that the Stirling Mortimer No.4 Cape Verde cell was "low risk". The client claims the investment was described to him as "risk free". However the investment, a cell in the Stirling Mortimer Global Property fund which invests in property development in the island nation off the west coast of Africa, has been beset by problems. These include a dispute over €9.8m of cash which went missing from the cell, and heavy falls in the value of the fund after Stirling Mortimer struggled to find ...
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