IFA to pay compensation after SIPP transfer

'Severe financial losses'

Sophie King
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"Suitably advised, Mr M would have remained in his existing SIPP" - ombudsman Colin Brown
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"Suitably advised, Mr M would have remained in his existing SIPP" - ombudsman Colin Brown

The ombudsman has ordered an IFA to compensate a client after transferring their SIPP money so it was invested through the discretionary fund manager (DFM) arm of a stockbroker instead.

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"...

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