FOS tells Pi Financial to account for fee it 'took unfairly' from SIPP client

Advice business has had 124 cases upheld by the FOS

Isabel Baxter
clock • 5 min read

The Financial Ombudsman Service (FOS) has sided with a complainant over unsuitable self-invested personal pension (SIPP) advice from Pi Financial.

In the case dated 3 December 2024, the client (Mr M) complained to the FOS that that his SIPP underperformed over several years, primarily due to advice he received starting in 2009. Mr M was a client of Alba Asset Management and was recommended to switch from a final salary pension to a Brooklands SIPP. The funds were used to invest in various unregulated investments, including £50,000 in Joyston. In 2013, Mr M sought a claim against his Joyston investment through the Financial Services Compensation Scheme and upon retiring transferred his employer's group pension into the Brooklands...

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 Companies

Quilter WealthSelect reduces gold exposure in unscheduled rebalance

Quilter WealthSelect reduces gold exposure in unscheduled rebalance

Prior to gold price plummeting

Michael Nelson
clock 02 February 2026 • 2 min read
Ascot Lloyd completes Aberdeen Financial Planning buy

Ascot Lloyd completes Aberdeen Financial Planning buy

Sold in August

Isabel Baxter
clock 02 February 2026 • 1 min read
Saltus selects SS&C as platform provider

Saltus selects SS&C as platform provider

Move will support more than £9bn of client assets

Isabel Baxter
clock 02 February 2026 • 2 min read