Thai hotels, olive trees and 'conflicts of interest' - Portafina's complaints laid bare

Unregulated collective investment schemes

Hannah Godfrey
clock • 13 min read

In the early part of this decade, advice firm Portafina, then known as Portal Financial, recommended a number of clients place the majority of their pensions savings into a handful of unregulated collective investment schemes (UCIS).

In the early part of this decade, advice firm Portafina, then known as Portal Financial, recommended a number of clients place the majority of their pensions savings into a handful of unregulated collective investment schemes (UCIS). Since 2016, the firm has received more than 100 complaints from clients, with many being taken to the Financial Ombudsman Service (FOS). Strikingly, nine in every 10 concluded cases have been upheld in favour of clients - a much higher proportion than the average for self-invested personal pension (SIPP) based gripes. What is more, in a few of the cases, the...

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 Your profession

Fintel posts 'resilient' trading thanks to M&A activity

Fintel posts 'resilient' trading thanks to M&A activity

The fintech records adjusted EBITDA growth of 5.6% to £20.5m

Sahar Nazir
clock 19 March 2024 • 1 min read
PA Working Lunches: Last chance to hear from Baillie Gifford

PA Working Lunches: Last chance to hear from Baillie Gifford

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 19 March 2024 • 1 min read
Phillip Wickenden: Neurodiversity and the bumpy ride to inclusivity

Phillip Wickenden: Neurodiversity and the bumpy ride to inclusivity

Neurodiversity Celebration Week runs from 18 - 24 March

Phillip Wickenden
clock 18 March 2024 • 6 min read