A financial advice firm that tried to challenge the Financial Ombudsman Service (FOS) in the High Court over a ruling on pension advice has had its case thrown out.
An application for permission to bring a case - which was denied on 22 October - was sparked by a FOS ruling against Kingswood Financial Advisers, an IFA based near Cardiff. The FOS had ruled Kingswood gave unsuitable advice when it switched Mrs D from an existing personal pension into a self-invested personal pension (SIPP). Crucial to the FOS decision was that the SIPP was more expensive than Mrs D's previous pension - and that she then invested via her SIPP in a high risk unregulated investment scheme, Harlequin Property. Harlequin is an overseas property investment scheme that ...
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