After a long battle we have finally been successful in obtaining compensation for clients of Solutions Financial Services (UK) Ltd a company of FSA/FCA authorised and regulated financial advisors with permissions to arrange pension transfers and investments.
SFS were Appointed Representatives (AR’s) of 2 networks over the years.
However, we have found that their clients did not understand that when the advisors were promoting unregulated property investments with Harlequin Property or CEPP (a closed end property portfolio) or SARP (a sale and repurchase scheme) Investments Arck LLP, they didn’t have their networks permissions to do so.
The advisors also promoted Oceânico, fractional investments in Little River Colorado USA, arranged by Martin Date in Portugal.
An initial pension transfer or investment may have well been with a Skandia or Old Mutual Wealth portfolio – vanilla products where customers’ investments were safe.
But, once the advisors started working as sales agents for unregulated investment companies they subsequently arranged pension transfers into SIPPs, with the Guardian Pension Consultants – also known as GPC SIPP – being the preferred choice.
Guardian accepted investment instructions from both regulated and unregulated firms – so few to no questions were asked.
Over the years, the Financial Ombudsman Services has looked at a number of complaints in relation to SFS.
The principle network responsible for Solutions Financial Services (UK) Ltd’s actions argued that it was not responsible for the unsuitable advice.
It said the advice had not been given by SFS but by the advisors unregulated company, Solutions Tax and Investment Planning or STIP. It also said that its ARs were only authorised to give advice on products that it had approved. Neither the Guardian SIPP, the CEPP nor the SARP were Tenet approved products.
Some cases may have been upheld, but others were subject to time limitation.
Whilst some clients may have been fortunate enough to recover some of their losses, as either the Financial Ombudsman Services upheld the case, or the Yorkshire Bank could be held responsible in respect of his SARPs investments, the majority of clients ran out of time, made their complaints too late or had a rejection by the Financial Ombudsman Services.
If this sounds familiar you should act now!
There may still be a way for you to recover all or part of your losses, especially if you have not yet received compensation or if you weren’t fully compensated for your losses.
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If you had dealings with any of those firms you should speak to one of our Financial Claims Consultants and let us review all the transactions which were made.
Please get in touch with us if you have any concerns about the advice you received or the way your investments are performing.
Most clients don’t understand that they may have suffered losses, as their annual statements show that the pension fund is still valued at purchase price.
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