Adviser to compensate client over SIPP transfer advice to unregulated schemes

As the investments were unregulated collective investment schemes (UCIS), Mr P argued they were unsuitable as he was not a sophisticated or high net worth investor.
As the investments were unregulated collective investment schemes (UCIS), Mr P argued they were unsuitable as he was not a sophisticated or high net worth investor.
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The Financial Ombudsman Service (FOS) has asked adviser firm The On-Line Partnership to compensate a client following unsuitable advice to transfer his pension to a self-invested personal pension (SIPP) and invest in unregulated schemes.

Mr P, as referred to by the FOS, complained about advice given by an appointed representative (AR) of On-Line to switch his personal pensions to a SIPP. He said he was given this advice by Bragagnini Associates...

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