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

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...