Adviser to compensate client over SIPP transfer advice to unregulated schemes

Sophie King
clock • 2 min read

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 Financial Solutions (BAFS).  Mr P was advised to invest in unregulated schemes, which included agricultural investment Green Oil Plantations, overseas holiday resort The Resort Group and Store Pods, UK-based storage pods. Because the investments were unregulated collective investment schemes (UCIS), Mr P argued they were unsuitable as he was not a sophisticated or high net wort...

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

'A problem at the very top': Adviser campaigns for better overseas advice guidance

'A problem at the very top': Adviser campaigns for better overseas advice guidance

When is it safe to say the QROPS solution is the right solution?

Isabel Baxter
clock 29 October 2025 • 5 min read
UK pension funds join forces with government to launch Sterling 20 initiative

UK pension funds join forces with government to launch Sterling 20 initiative

Chancellor joins 20 pension providers and insurers to drive growth across the UK

Holly Roach
clock 20 October 2025 • 5 min read
IHT on pensions pre-55 slammed as 'brutal'

IHT on pensions pre-55 slammed as 'brutal'

HMRC confirms those under minimum pension age will see IHT applied on their pots

Isabel Baxter
clock 12 August 2025 • 2 min read