Adviser to compensate client over SIPP transfer advice to 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...