Quilter has been asked to compensate a client who invested in unlisted shares through a self-invested personal pension (SIPP) on the advice of an appointed representative linked to the firm.
Mr I, whose identity will remain confidential due to privacy reasons, switched his personal pension to a SIPP in late 2012 after seeking advice from an appointed representative (AR) from Caerus Financial. Quilter Financial Services bought Caerus in June 2017 and thus dealt with Mr I's complaint to the financial ombudsman. Mr I claimed his financial adviser convinced him to invest his SIPP funds into a property investment scheme, resulting in him losing money. Mr I told the ombudsman that he was "one of many" to be misled into investing in this fund. "I had no idea of the risks involve...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
