A Bristol-based advice firm has been ordered to pay compensation after a local brewery entered into liquidation just 10 months after a client invested in the beer business.
In 2014, Mrs B - as she was referred to by the Financial Ombudsman Service - approached advice firm Clifton Compliance Services about advice to transfer her pension funds into a self-invested personal pension (SIPP) so she might make an investment into a local brewery. Mrs B wanted to invest alongside her brother and also the director of the brewery. Between them they invested £96,000 into the venture, with £13,500 of that coming from Mrs B's pension fund. Clifton said it issued a suitability report for all three investors that set out it had provided "limited advice". The report reco...
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