Adviser firm to pay compensation for unsuitable transfer to SIPP

In 2010, Mr E - as referred to by the Financial Ombudsman Service (FOS) - was advised to transfer his existing pension benefits to a self-invested personal pension (SIPP) by financial advice firm MedDen Financial Services. At the time, Mr E was in his late 30s, employed as a contracts manager and held benefits in two pension plans, one of which was a defined benefit plan with a previous employer, and had a combined value of around £22,000. Mr E invested the SIPP into an unregulated offering called Rimondi Grand Hotel & Spar Resort under the advice of MedDen. He was first made aware of...