Advice firm to compensate for 'high-risk' store pods investment advice

The client, who the Financial Ombudsman Service (FOS) called 'Mr P', was advised to transfer his personal pension plan into a SIPP and invest in 'store pods', a type of self-storage unit.  Mr P's pension assets were transferred into a SIPP to invest in store pods, although a portion was also invested in the Vanguard Life Strategy 60% Equity fund. At the time of the advice, Mr P was 44 and employed with a salary of £30,000. He described himself as "financially inexperienced" and said he did not want to take unnecessary risks with his pension benefits because they were a significant pro...