Goldsmith & Co to compensate stroke sufferer for 'unsuitable' advice

Transfer into two SIPPs

Sophie King
clock • 2 min read

The Financial Ombudsman Service (FOS) has told Goldsmith & Co to compensate a client after they were given what it deemed unsuitable advice for a SIPP transfer that took place in 2008.

The client - referred to as Mr B by the ombudsman - complained he had received unsuitable advice to transfer his personal pensions into two self-invested personal pensions (SIPPs), which the ombudsman dubbed 'SIPP1' and 'SIPP2', in 2008. At the time, Mr B was in his early 50s and not working because he was recovering from a stroke he suffered in 2006. In March 2008, roughly £106,500 was transferred into SIPP1 and about £30,500 into SIPP 2 as a result of the advice given to him by Goldsmith & Co. Although the ombudsman said there was very little documentation available from the time of...

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