Portal Financial Services
Did you receive advice from Portal Financial Services (previously named Portafina LLP)? You could be owed compensation for negligent financial advice.
Any reference to Portafina LLP should not be confused with the Portafina brand or Portafina Investment Management Ltd which is a wholly separate company.
We’ll have a specialist call you back for a no-obligation chat about your financial claim
Portal Financial Services: Were you a victim?
Portal Financial Services LLP, previously known as Portafina LLP, was an independent financial firm that offered pension advice services. Since it was set up in 2009, it has become known for offering misleading pension advice to its clients. This has resulted in multiple successful pension transfer claims being made against them.
Not only was Portal Financial Services LLP’s early advice found to be unsuitable, but the company continued to treat customers poorly by:
- Delaying complaint resolutions
- Not giving accurate loss calculations
- Not compensating clients properly
Although the company is now in liquidation, if you ever followed their advice to transfer your pension, you could still claim significant compensation. This could cover the money you lost, alongside the fees they charged you for their services.
Don’t miss out on your potential compensation – find out more about your options today.
The portal financial services pension scam
Portal Financial Services targeted clients through direct marketing, using mailshots and frequent cold calls (a practice which is now banned) to offer ‘Free Pension Reviews’. They encouraged investments and pension releases without knowing a person’s full financial situation, ending with a lot of their clients losing their savings.
On top of this, Portal Financial Services had close ties with Cherish Wealth Management, which was exposed in 2017 by ITV for promoting high risk investments. As Cherish Wealth Management didn’t have the right permissions to advise on final salary pension transfers, they handed that part of the process over to Portal Financial Services.
This gave Portal Financial Services a responsibility to make sure the funds were being safely invested. They did not take on this responsibility and several of the investments advised by Cherish Wealth Management were classed as high-risk or unregulated, making them unsuitable for the average person.
Let’s rewrite your financial story
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.
We are committed to transparency and fairness in the way we conduct with clients, including how we charge for our claims services.
Where may Portal Financial Services LLP have invested your pension?
Many of these investments have resulted in huge financial losses. Some of these investments include:
- Brisa Investments
- Biomass Investments
- UK Strategic Residential
- Lakeview UK Holdings
- Real Estate USA
However, not all transfers that Portal Financial Services LLP advised on involved high risk investments. A large number of the transfers they completed involved defined benefit or final salary pension transfers.
Final salary pensions offered members a guaranteed, index linked pension for life. By transferring away from these schemes members could have lost thousands in guaranteed benefits whilst also exposing clients to unnecessary investment risk.
The latest on Portal Financial Services LLP (previously known as Portafina LLP)
Portal Financial Services LLP has failed and entered compulsory liquidation on the 18th January 2023.
The FSCS, a lifeboat scheme for consumers who have complaints against companies who are no longer trading, have recently announced that they are accepting claims against Portal Financial Services.
Prior to liquidation, it is known that close to 200 claims against Portafina LLP/Portal Financial Services were being investigated by the Financial Ombudsman Service.
Portal Financial Services mis-sold pension FAQs
Have a look at some of the most common questions we get when it comes to Portal Financial Services pension claims.
Who Is Portal Financial Services / Portafina LLP?
Portal Financial Services LLP, trading as Portafina LLP, was a financial advice firm that was authorised by the Financial Conduct Authority (FCA) to provide certain regulated activities in the UK, including advising on investments and pension transfers. However, in January 2023, Portal Financial Services LLP was placed into compulsory liquidation.
How Do I Know If I Was Mis-Sold A Portafina LLP Investment?
If you received advice from Portafina LLP to transfer your pension into a self-invested personal pension (SIPP) and you have since lost money, you may have been mis-sold. This is because Portafina LLP was known for giving unsuitable advice to transfer pensions into high-risk investments.
Why Was Portafina LLP High Risk?
Portafina LLP was high risk because they invested in high-risk investments, such as unregulated funds. The firm worked with Cherish Wealth Management, , which was exposed in 2017 by ITV for promoting high risk investments. These investments were not suitable for many investors, and as a result, many people lost money.
How Can I Make A Mis-Sold Pension Claim Against Portafina LLP?
If you think you were mis-sold a pension by Portafina LLP, you can make a claim to the Financial Services Compensation Scheme (FSCS). The FSCS may be able to compensate you for your losses. If you’re not sure where to start, or if you’re eligible to make a claim, get in touch with our team for a free consultation. We can have a no-obligation chat about your situation and figure out your next best steps.
Claim compensation from Portal Financial Services
If you think you were a victim of the Portal Financial Services pension scam, get in touch with us today for a free consultation.
Our experienced claims team is on hand to talk through your experience and assess whether you have a valid claim.
Ready to make a Portal Financial Services pension claim with Spencer Churchill Claims Advice?
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Do you know how people complained about mis-sold investments and pensions in the last year?
A lot. Over twenty thousand complaints were made about mis-sold pensions and investments in 2020/21, a figure which had doubled since the year before.. It’s no secret how serious this problem is, and it just seems to keep getting worse.
Have you been a victim of financial mis-selling?
Reaching out for help is never easy,
especially if you’ve been misled in the past.
But getting in touch with us won’t commit you to anything. We want to toss you a lifeboat and guide you through the choppy waters of the financial ocean, not leave you struggling to stay afloat. Our experts are here to offer advice and support on financial claims. We know what we’re doing and you can trust that if you’ve got questions, we’ve got answers.
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Spencer Churchill Claims Advice Will:
- Speak to you in plain English
- Provide you with a dedicated claims specialist
- Pay attention to the small details of your case
- Keep you up to date with the status of your claim
- Make sure you understand our charges
- Do absolutely everything we can to win your claim
How does our claims process work?
With millions of mis-sold pensions reported, it’s worth finding out if you can get your money back. Here’s how our simple process works:
What types of claims do we handle?
Find out how much you could claim today
Ready to take the next step? We’re here with clear, no-pressure advice. Give us a call today to find out if you have a valid claim
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