The Portafina LLP Pension Scam: What you need to know

Whether you want to spend your golden years on a sunny beach, or finally invest into that dream home extension – everyone has a vision of a perfect retirement. But what if the foundations of that dream – your pension – isn’t what you thought it was?

The world of pensions can be confusing, and unfortunately, there are firms out there that take advantage of this.

One such firm is Portal Financial Services LLP, or Portafina LLP can we add LLP after every mention of Portafina LLP?.

At Spencer Churchill, we have extensive experience in helping people get their hard-earned money back in their pocket. If you think you were a victim of Portafina LLP, get in touch today to see if your claim is valid. Alternatively, speak to an expert by calling 01204 929 929.

Or, read on to learn more about the Portafina LLP pension scam, where we will answer the following questions:

• What is Portal Financial Services?
• Who owns Portafina LLP?
• What were Portafina LLP’s fees?
• What is a Portafina LLP pension release?
• Is Portafina LLP safe?

Who are Portal Financial Services?

Portal Financial Services LLP, trading as Portafina LLP, was an independent financial firm that specialised in investments and pension transfers. Since it was set up in 2009, the firm has become known for offering misleading financial advice that enabled it to move clients’ pensions into high risk or unregulated investments.

Remember any random mailshots or unexpected calls offering you a ‘Free Pension Review’?

That could have been Portafina LLP reaching out.

Their direct marketing tactics, which also included cold calls (a method that is now illegal), cast a wide net to draw people in. Rather than taking the time to understand a person’s full financial situation, they would encourage investments and pension releases, leaving many people in the devastating wake of lost savings.

Unsurprisingly, the Financial Ombudsman Service (FOS) began receiving complaints and Portafina LLP stopped taking on new business in 2021.
Shortly after, in January 2023, the firm entered compulsory liquidation. The FOS has received over 300 complaints against the company and multiple successful pension transfer claims have been made against them.

If you think you were a victim of the Portafina LLP pension scam, get in touch with our teams today for a no-strings-attached chat about your situation.

Who owns Portafina LLP?

Portafina LLP’s ownership structure is vague. While Portafina LLP is in liquidation, Pier 10 Investments Limited holds the majority share. Before Pier 10 Investments, there were a number of other majority shareholders that all resigned:

• Agravain Advisory Limited
• Bedivere Advisory Limited
• Bors Advisory Limited
• Galahad Advisory Limited
• Gawaine Advisory Limited

What is a Portafina LLP pension release?

Portafina LLP often comes hand in hand with the phrase ‘pension release’. This is a type of pension transfer that allows people to access their pension funds before retirement age.

Portafina LLP offered pension releases to its clients as part of their pension advice, making high-risk and unsuitable investments with its clients’ savings. Some of the companies Portafina LLP invested into are:

• Brisa Investments
• Cool Blue Samui
• EOS Solar
• Eco Planet Bamboo
• Hypa Asia Fund
• Raithwaites Hypa Fund
• Tambaba Investments Plc

If you believe your savings were badly invested following advice from Portafina LLP, get in touch with our teams today. We can have a no-obligation chat to see if you’re eligible to make a claim.

Is Portafina LLP safe?

In short, no. Portafina LLP had its authorisation with the Financial Conduct Authority (FCA) cancelled, and hundreds of complaints have been filed against it.

As a direct result of Portafina LLP’s advice, many people have found themselves down paths they didn’t want or expect. Lost savings and ruined retirements have become commonplace with its clients, but that’s where we come in.

At Spencer Churchill we won’t bombard you with upfront fees or tie you into any unexpected contracts. Instead, we’ll use our decades of experience to help you get the results you deserve.

Get in touch today for a free initial assessment and, if you’re eligible to make a claim, we will be there to support you throughout the entire process.