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...

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