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

NextGen Planners becomes Plannex

NextGen Planners becomes Plannex

‘We have outgrown the name NextGen’

Isabel Baxter
clock 10 July 2025 • 2 min read
Chase de Vere's revenue hits £118.6m driven by acquisitions and client referrals

Chase de Vere's revenue hits £118.6m driven by acquisitions and client referrals

Profit before tax reaches £31.9m in 2024

Isabel Baxter
clock 08 July 2025 • 2 min read
FE Fundinfo integrates portfolio analysis and cashflow planning solutions

FE Fundinfo integrates portfolio analysis and cashflow planning solutions

FE Analytics and FE CashCalc integrated on Nexus platform

Isabel Baxter
clock 07 July 2025 • 1 min read