SIPP operator Guinness Mahon has been asked to pay compensation to two clients following unregulated SIPP transfer advice from a third-party firm, Professional Adviser has been told.
Scott Birchall, a director of Smooth Commercial Law, which works with claims management companies, said his firm had been dealing with two clients who had lost money as a result of advice regarding their pensions. The cases centre on how Guinness Mahon opened self-invested personal pension (SIPP) schemes for the clients after recommendations from unregulated advice firm Avacade. Avacade has since faced legal action from the Financial Conduct Authority. The regulator said Avacade, alongside Alexandra Associates, was responsible for transferring at least £86m in pension assets for more...
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