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January 27, 2023

Portal Financial Services in liquidation

Portal Financial Services LLP has entered liquidation.

The financial advice firm entered compulsory liquidation on the 18th of January 2023.

The Financial Services Compensation Scheme has said it is now accepting claims against the advice firm.

Portal Financial Services also traded as Portafina LLP and according to the FCA register it applied to have its FCA permissions cancelled in June 2021.

The FSCS had been closely monitoring the firm and liaising with the FCA to ensure it was prepared to step in and pay claims if Portal became insolvent and was unable to meet claims itself.

Last year it was reported that Portal Financial Services LLP was facing 190 open Financial Ombudsman Service complaints.

Recent reports suggest that since April 2021 the actual figure is around 215 complaints. With the Financial Ombudsman Service upholding 90% of claims filed.

A spokesman for the FOS told FT Adviser “The majority of the complaints are about pension products – mainly Ucis and other non-standard investments as well as DB pension transfers, with the most complained about issue being suitability of advice,”

UCIS – Unregulated Collective Investment Schemes -are classed as high-risk investments and usually only appropriate for clients whose attitude to risk is compatible. They are generally considered unsuitable investments for people with little investment experience or capacity for loss.

The FSCS has said Portal Financial Services LLP is one of the firms associated with claims regarding the British Steel Pension Scheme (BSPS).

In March 2022, The High Court ruled against Portal Financial Services after it tried to challenge a number of decisions made by the Financial Ombudsman Service.

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.