Tenet to pay up over SIPP transfer that funded loan

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...