Premier Financial Solutions (Harrogate) Limited found to have mis-sold Rimondi Grand investment through SIPPs

The firm has now applied to cancel its FCA Authorisation

It sometimes seems hardly a week goes by without another firm either relinquishing or being forced to relinquish it’s FCA authorisation or permissions, meaning it can no-longer provide financial advice (or at least about pension transfers into SIPPs).

This week, we’re reporting on Premier Financial Solutions (Harrogate) Limited – an IFA that has been authorised and operating since at least 2006, but has now applied to cancel it’s own authorisation, meaning it will no longer be able to trade by giving regulated financial advice to it’s clients.

Rimondi Grand SIPPs

Rimondi Grand is a somewhat troubled hotel investment, which Spencer Churchill Claims Advice have been making claims over for some time now. You can read more about this high-risk and unregulated investment here.

This is where Premier Financial Solutions (Harrogate) Limited comes in, having been caught out by the Financial Ombudsman between June to November 2017!

High Risk investments are only suitable for High Net Worth Individuals and Sophisticated investors – people that are more likely to handle that level of risk and manage their investments with knowledge and experience.

Premier Financial Solutions SIPP Mis-selling

DRN6037183:
“Following advice from the business [Premier Financial Solutions] Mr T transferred two pension plans to a SIPP. He then invested in an unregulated investment – Rimondi Grand.”

“In our view the investment was unsuitable. Mr T wasn’t wealthy. He wasn’t an experienced investor. His attitude to risk was ‘medium’ […] Premier should have advised Mr T either to keep his existing personal pensions or to transfer to a stakeholder pension.”

Mr T was awarded compensation with the help of third party representation.

DRN0099681:
in 2010, Mrs H was also introduced to Premier and Rimondi Grand by a third party.

She too, ended up investing her money into a SIPP and into the Rimondi Grand investment. With somebody else representing Mrs H, the FOS decided that the advice given by Premier was unsuitable, and she was awarded compensation for her case.

Mis-sold SIPP Claims

Spencer Churchill Claims Advice deal with this sort of thing every day, and while others may find themselves baffled by the jargon and perceived complexities of a mis-sold SIPP claim, our team of specialists cut through again and again to achieve positive results for our clients.

You can find out more about our FREE initial assessment service, our claim-winning processes and our success record here on our SIPP Claims page.