IFA to compensate client for Harlequin losses following unsuitable advice

25 FOS complaints

Sophie King
clock • 3 min read

The Financial Ombudsman Service (FOS) has ordered Pacific IFA to compensate a client following an unsuitable pensions transfer and advice to invest in a Harlequin overseas property investment.

Mr L, as referred to by the ombudsman, and his wife were introduced to Harlequin by an adviser from a third-party business that was an appointed representative of a firm regulated to give advice. Following several meetings and a sales pitch from Harlequin, Mr L decided to invest in four properties in 2009 - none of which were ever built. At around this point the couple was introduced to Pacific IFA, as the adviser firm they had been speaking with did not have permission to advise on pensions. At the time, in a meeting that was recorded, Mr L "had about as much [investment] understanding ...

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 Pensions

Three former directors sentenced in £70m pension fraud case

Three former directors sentenced in £70m pension fraud case

3,000 people defrauded

Sophia Panayi
clock 04 September 2026 • 2 min read
PIMFA warns 'further clarity' needed in FCA's proposed SIPP changes

PIMFA warns 'further clarity' needed in FCA's proposed SIPP changes

Consultation closes today

Sophia Panayi
clock 24 August 2026 • 3 min read
Top recommended personal pensions and SIPPs in H1 2026

Top recommended personal pensions and SIPPs in H1 2026

Royal London and Aviva take top spots

Isabel Baxter
clock 12 August 2026 • 2 min read