Firm to pay redress to insistent client following SIPP transfer

Investment in unregulated scheme

Sophie King
clock • 3 min read

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...

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 Regulation

Paul Bruns: Ongoing review flexibility and the advice gap

Paul Bruns: Ongoing review flexibility and the advice gap

Changes are still currently only at proposal stage

Paul Bruns
clock 10 August 2026 • 5 min read
How considering vegetable peelers can inform your product design

How considering vegetable peelers can inform your product design

FCA released two reports to mark the third birthday of Consumer Duty

Alison Gay
clock 31 July 2026 • 4 min read
Andy Wealthall: Is there still a place for annual suitability reviews?

Andy Wealthall: Is there still a place for annual suitability reviews?

'We shouldn't solve one problem by creating another'

Andy Wealthall
clock 30 July 2026 • 4 min read