SIPP operator to compensate two clients for unsuitable Cypriot property investments

Financial adviser Mr A, as referred to by the ombudsman, advised Ms D and Ms F to invest in a property development scheme in Cyprus that he was planning. He then advised them to transfer their pensions into a self-invested personal pension (SIPP) with Yorsipp. The advice given to both clients occurred in 2007 and 2008. Later, Mr A's firm MPFM was taken over by a Mr B, but Mr A remained involved in the overseas property scheme. Then in early 2010, The then Financial Services Authority (FSA) reviewed some of the pension switch advice that MPFM had given. As a result, later that year the fi...