The Financial Ombudsman Service (FOS) has said an advice firm must pay compensation to a client after advising them to invest in an unregulated, overseas property scheme.
Miss D - as referred to by the ombudsman - said she was given unsuitable advice to transfer her occupational pension scheme (OPS) and personal pensions to a self-invested personal pension (SIPP). She was advised by specialists pensions firm Heather Dunne IFA, an appointed representative of Financial Solutions Midhurst Limited, (FSML) to transfer into Whitesands Brazilian Project, an unregulated investment scheme. According to news website LoveMoney the venture never went past initial architectural plans. The scheme took £14m from investors and reportedly used former Manchester United ...
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