IFA to pay compensation after SIPP transfer

Mr M, as he was dubbed by the ombudsman, complained about the advice he was given by Economic Financial Solutions IFA, trading as Torch Wealth Management. Mr M said he had suffered "severe financial losses" as a result of his transferred investments. Although the 60-year-old had an attitude to risk score of 9, Torch told Mr M it was recommending a portfolio for someone with a lower risk tolerance of 6 or 7. Torch said this was "no higher than high-medium" and it was doing so because Mr M said he could at best accept medium losses. At the time, Mr M was married with one dependant and w...