Tenet to pay up over SIPP transfer that funded loan

clock • 3 min read

Advice network TenetConnect Services has been told to compensate a client it advised to release pension funds to finance a loan. Mr P complained about advice he received from an appointed representative of Tenet, Impact Financial Solutions (IFS), to move his pension funds to a self-invested personal pension (SIPP) and buy certain shares so he could obtain a loan. As a result, Mr P incurred financial losses. Mr P was referred to an IFS adviser in 2011 when he approached loan provider Breatheasy Loans, who offered to lend him £50,000 against his pension. The adviser told Mr P to swit...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Millions make retirement trade-offs to fund children and grandchildren's university costs

Millions make retirement trade-offs to fund children and grandchildren's university costs

Includes many delaying retirement

Jen Frost
clock 03 June 2026 • 3 min read
Watch PA's Working Lunch with L&G: Navigating the new landscape of retirement solutions

Watch PA's Working Lunch with L&G: Navigating the new landscape of retirement solutions

Catch up on the discussion

Professional Adviser
clock 09 April 2026 • 1 min read
The changing nature of retirement planning

The changing nature of retirement planning

Retirement planning conversations must 'evolve'

Lorna Shah
clock 02 April 2026 • 4 min read