IFA to pay compensation after 'unsuitable' transfer to SIPP

The ombudsman referred to the client as 'Mr C', who complained the advice given to transfer his £59,000 personal pension plan (PPP) to a self-invested personal pension (SIPP) was unsuitable and too risky. In 2015, Mr C was introduced to Economic Financial Solutions IFA (trading as Torch Wealth Management) by an unregulated third party.  At the time he had his own home and a qualifying recognised overseas pension scheme worth around £60,000, as well as a PPP worth about £59,000. His attitude to risk was deemed to be a 6 out of 10 by Torch, so he could theoretically tolerate ‘medium'...