A Portuguese advice firm has been asked to compensate a UK investor who embarked on a high-risk investment strategy for her pension based on unsuitable advice, the Financial Ombudsman Service (FOS) has found.
The client, referred to as Mrs C, claimed an adviser from Portugal-based Abana Unipessoal's UK subsidary persuaded her to switch her personal pension into a self-invested personal pension (SIPP) in 2014. She was persuaded to switch her fund with Scottish Life to a SIPP with UK pension transfer specialist Avalon Investment Services, which was placed into administration in January earlier this year. Mrs C transferred £30,000 into the SIPP and the money was invested in two unregulated funds: Brighton SPC - Kijani Commodity Fund and the Swiss Asset Micro Assist Inc Fund, through ePortfoli...
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