Portal Financial Services / Portafina
Did you receive advice from Portal Financial Services LLP/ Portafina? You could be owed compensation for negligent financial advice.
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Portal Financial Services LLP / Portafina: Were You a Victim?
Portal Financial Services LLP, also known as Portafina, 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 Portafina’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 Portafina Pension Scam
Portafina 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, Portafina 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 Portafina.
This gave Portafina 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.
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Where may Portafina 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 Portafina 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.
Make a claimThe latest on Portal Financial Services LLP
Portal Financial Services 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 LLP.
Prior to liquidation, it is known that close to 200 claims against Portafina/Portal Financial Services were being investigated by the Financial Ombudsman Service.
Speak with an expertThe Stats
Portafina claims that:
Over 1.3 million UK pensions have been accessed for the first time since 2018.
Over 1.3 million UK pensions have been accessed for the first time since 2018.
They managed over half a billion pounds of pension savings for their clients.
This means that their misleading advice could have resulted in thousands of people losing their hard-earned money. Start the journey of getting yours back today.
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Make a claimPortafina Mis Sold Pension FAQs
Have a look at some of the most common questions we get when it comes to Portafina pension claims.
Who is Portal Financial Services / Portafina?
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 investment?
If you received advice from Portafina 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 was known for giving unsuitable advice to transfer pensions into high-risk investments.
Why was Portafina high risk?
Portafina 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?
If you think you were mis-sold a pension by Portafina, 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 LLP – Let Us Help
If you think you were a victim of the Portafina 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.
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