Legacy Caerus SIPP complaint sees Quilter compensate client

Missed out on investment gains

clock • 4 min read

The Financial Ombudsman (FOS) has upheld a complaint against advice firm J&P Financial Services over unsuitable advice it gave to a client regarding a self-invested personal pension (SIPP) transfer.

In 2009, Mr L, as referred to by the ombudsman, was given advice by an appointed representative of Caerus, J&P Financial Services (J&P). J&P was part of the Caerus network from 2010 to 2015, which was acquired by Quilter in 2017. Mr L was advised to open a SIPP and invest into two unregulated collective investment schemes (UCIS). The transfers were made in 2011 and, while the ombudsman said it was clear the Caerus appointed representative advised Mr L to open a SIPP, it was unclear whether the J&P had given advice on the UCIS. In 2015 Mr L and his business partner wanted to build u...

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