Chartergroup Financial Management (CGFM) has been asked to pay redress to an insistent client who was unsuitably advised to transfer his pension to a SIPP and invest in an unregulated carbon credit scheme.
Mr T - as referred to by the ombudsman - complained CGFM gave him unsuitable advice to transfer his pensions to a self-invested personal pension (SIPP) scheme and then to invest in carbon credits - permits which allow a country or organisation to produce a certain amount of carbon emissions and which can be traded if the full allowance is not used. The complainant, who was a member of a defined benefit occupational pension scheme, transferred the value of his final salary benefits to a SIPP in 2013. When Mr T made a complaint to CGFM, which the firm did not uphold and said it advised him...
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