Portafina has said it is considering "legal options" after being directed to compensate a client in the wake of what the ombudsman deemed unsuitable advice to transfer out of occupational pension schemes.
The client in question - dubbed Mr B by the Financial Ombudsman Service (FOS) - had complained about the suitability of the advice he was given to transfer his three occupational pension schemes (OPSs) to a self-invested personal pension (SIPP). He argued Portafina "failed to ensure the investments he made were in line with his attitude to investment risk". In 2014, Mr B was introduced to Portafina by another, unnamed advisory firm because it needed another business to advise on the transfer of the OPSs. At the time, Mr B was in his mid-40s and intended to retire at 65. Portafina t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
