The Financial Ombudsman Service (FOS) has upheld a second decision in as many weeks against Guinness Mahon, relating to a high-risk investment made into a SIPP, following unregulated advice.
The complaint was made by solicitors Anthony Philip James & Co (APJ) - the firm that also brought the previous case. It centres on how Guinness Mahon opened a self-invested personal pension scheme (SIPP) for the client following advice from unregulated firm, Avacade. The firm, which the FOS ruled were not authorised to provide pension advice, had allegedly persuaded the client to make a high-risk investment into schemes including Ethical Forestry. The FOS agreed with APJ that Guinness Mahon should have had considerable doubts about the motivation and competency of Avacade. The...
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