FOS orders IFA to compensate client for UCIS property fund losses

Nearly 80% of SIPP invested in UCIS

Victoria McKeever
clock
FOS orders IFA to compensate client for losses from UCIS property funds
Image:

FOS orders IFA to compensate client for losses from UCIS property funds

The Financial Ombudsman Service (FOS) has told Greystone Financial Services to compensate an investor for losses following "inappropriate advice" to pour nearly 80% of his SIPP in UCIS property funds.

In May 2007, Greystone advised Mr P to invest £25,000 of his self-invested personal pension (SIPP) in the Phoenix Spree Deutschland fund and another £25,000 in Rock Industrial UK Property fund. Mr P...

To continue reading this article...

Join Professional Adviser

 

  • 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 Regulation

Advisers welcome FSCS levy bill cut to £213m

Advisers welcome FSCS levy bill cut to £213m

'We are not immune to the cost of living crisis'

clock 26 May 2022 • 3 min read
Karl Dines: "It is great to understand it, but we also need to apply it."

Karl Dines: Six key strategies for riding the Consumer Duty storm

Logical and practical methodology

Karl Dines
clock 25 May 2022 • 6 min read
The firm agreed to a cease-and-desist order and a censure

SEC fines BNY Mellon Investment Adviser $1.5m for greenwashing

ESG reviews not performed

Lauren Mason
clock 24 May 2022 • 1 min read