A Wales-based financial advice firm has been instructed to compensate a former client after it allowed them to open a SIPP that was used to invest into unregulated scheme Harlequin Property.
The Financial Ombudsman Service (FOS) has instructed Kingswood Financial Advisors to compensate a client after it opened a self-invested personal pension (SIPP) that was used for a Harlequin investment. This is not the first time Kingswood has been asked to pay out for ombudsman complaints related to Harlequin. In July, Professional Adviser revealed the FOS had upheld 22 Harlequin-based complaints against it at the time of writing. In 2010, Mr J - as the FOS referred to him - was introduced to the Glamorgan-based advice firm by a financial adviser who was an appointed representative o...
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