The Financial Ombudsman Service (FOS) has ruled national adviser Chase de Vere gave unsuitable advice when it recommended a client put most of his pension in high risk unregulated schemes just six years before he retired.
Mr H invested £145,000 across three unregulated collective investment schemes (UCIS) - £100,000 in Premier Diversified Property, £15,000 in Premier Property Options and £30,000 in Matrix Bastion - in 2007, on the advice of his adviser. Chase de Vere had judged him to have an attitude to risk of six out of 10, or "more than moderate". All three funds have run into trouble since then. Redemptions from Premier Diversified Property and Matrix Bastion were suspended in 2008. The Premier Property Options fund was suspended in 2012. Mr H contacted Chase de Vere in 2012 to complain t...
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