A Portsmouth based IFA called Designed 4 Life Limited has added another name to the list of IFAs to enter liquidation with THREE upheld Financial Ombudsman Service complaints relating to SIPP advice, and potentially more claims on the way!
The complaints against advice from Designed 4 Life were all related to the transfer of a pension into a SIPP with a Harlequin Properties investment – a familiar name to those in the industry and an example of just what can go wrong with high-risk investments not regulated by the FCA – now valued at £1.
But through our work, we know that Harlequin Properties wasn’t the only high-risk and unregulated investment through SIPPs that Designed 4 Life advised on, and it could be that there are lots more people out there have been sold an unsuitable pension setup that could lose them their retirement fund.
It it time to get your advice checked…?Get started now
Several financial advisers and the FSCS have been paying out compensation for mis-selling investments via SIPPs and SSASs for a few years, with Spencer Churchill Claims Advice often leading the claim on a No Win – No Fee* basis.
This includes for advice given by Designed 4 Life Ltd.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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In May 2016 it was revealed that the FOS had upheld 3 separate complaints against Designed 4 Life Ltd.
All 3 complaints involved moving money into SIPPs and investing in high-risk Harlequin Properties.
Just 2 months after the FOS made its decisions regarding mis-selling, Designed 4 Life Ltd entered into insolvency proceedings, resulting in a Creditor’s Voluntary Liquidation.