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

Old Mill and Brook Financial join the Kinbrook Group

Old Mill and Brook Financial join the Kinbrook Group

Both will continue to operate under respective brands following the deal

Isabel Baxter
clock 03 November 2025 • 2 min read
BRI Wealth Management completes FutureFocus Advisory acquisition

BRI Wealth Management completes FutureFocus Advisory acquisition

Deal brings £40m in assets under management

Isabel Baxter
clock 03 November 2025 • 2 min read
Former St James's Place execs launch advice firm support service

Former St James's Place execs launch advice firm support service

Exclusive: Claire Blackwell and John Owen unveil The NexStage

Isabel Baxter
clock 03 November 2025 • 4 min read