The Financial Ombudsman Service (FOS) has upheld a self-invested personal pension (SIPP) mis-selling complaint related to a high risk investment made within a Guinness Mahon pension.
The complaint, made by solicitors Anthony Philip James & Co (APJ) on behalf of a client, is believed to be unique in receiving a decision while many other cases appear to be halted. The FOS adjudicator concluded that Guinness Mahon should have refused the introduction of business because they were aware the client was given advice by unregulated introducer Avacade is facing legal action from the Financial Conduct Authority (FCA). The adjudicator has stated that the firm should have had doubts over the competence and motivation of Avacade and been aware that its business model w...
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