If you’ve taken financial advice from Douglas Baillie or their sister company The Pension Specialists, the bottom line is that they are No-longer authorised by the FCA, and it may be a good time to get your advice checked by a professional to make sure you haven’t been mis-sold, or if you have, to find out whether you can make a claim or not.
The FCA is pretty clear on the matter: “This is a firm that can no longer provide regulated products and services, but was previously authorised by the PRA and/or FCA”.Get started now
Douglas Baillie is known to have mis-sold SIPP pensions and investments multiple times, often not taking people’s risk tolerance into account before recommending high-risk investments.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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We know that Douglas Baillie suspended the operation of their pension switching business – The Pension Specialists operating from www.thepensionspecialists.co.uk – back in October 2013 following concerns raised by the Financial Conduct Authority.
In short, the FCA was concerned that the firm was not delving deep enough into the financial circumstances of it’s clients before making recommendations – a HUGE part of pension advice in order to ensure that the client is placed in suitable pension schemes and invests that are affordable and carry an appropriate level of risk for the client.
By May 2016, Douglas Baillie Limited had called for a meeting of the creditors, and just a couple of weeks later appointed liquidators to commence the winding up of the business and bring everything to a full stop.
In total, 6 complaints were upheld against Douglas Baillie in 2016, all of which were about SIPP pensions advice, and high-risk, unregulated investments.
May 2016 saw insolvency proceedings beginning, resulting in Douglas Baillie entering into Liquidation.