Main Highlights:
- BlackStar Wealth Management added to the long list of IFAs to give unsuitable SIPP pension advice
- Mis-sold Store Pod investment
BlackStar Wealth Management added to the long list of IFAs to give unsuitable SIPP pension advice over high-risk storage pod investments
The Financial Ombudsman Service has ruled that
Blackstar Wealth Management
was at fault in a complaint about a
mis-sold pension after it was determined that advice given to ‘Mr I’ to
invest in Storage Pods
was unsuitable.
Storage Pod investments have been widely sold through SIPPs over the last 6 or 7 years. However, in many cases, the advised individuals were not suitable for such high-risk investments. These types of assets are not regulated by the FCA, meaning there is no compensation available from the FSCS or assistance from the Ombudsman if things go wrong.
Spencer Churchill Claims Advice has already had great success in winning compensation for individuals who have been mis-sold these kinds of investments.
Mis-sold Store Pod investment
In this specific case, labelled DRN3574616, Mr I was introduced to the investment not directly by Blackstar, but by an introducer. However, under FCA suitability rules, Blackstar still held the responsibility to assess the suitability of the investment advice.
There was no evidence in the Ombudsman’s decision indicating that Mr I had over £250,000 in investible assets, nor that his risk tolerance matched the high-risk nature of the storage pod investments. Additionally, Mr I was diagnosed with Parkinson’s disease and is expected to rely heavily on his pension during retirement.
These significant factors, along with others, led the Financial Ombudsman Service to uphold the complaint against Blackstar Wealth Management.
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