In 2013 Douglas Baillie suspended its pension switching business ‘The Pension Specialists’ after the FCA raised concerns regarding compliance.
The Financial Conduct Authority had concerns about how thoroughly Douglas Baillie were checking their clients’ financial situation before making recommendations.
A regulated Financial Adviser has a duty to ensure any recommendations they make are in line with their client’s personal and financial circumstances.
For example, high-risk investments are generally only considered suitable for people who:
So, if you don’t fit the criteria above, it’s unlikely high-risk investment would be suitable for you.
Unfortunately, a majority of mis-selling has occurred as a result of people receiving unsuitable advice and transferring into a SIPP with high-risk unregulated investments.
There have been Ombudsman decisions against Douglas Baillie for the advice they gave to clients regarding SIPPs in particular where clients had been wrongly advised into unsuitable and unregulated investments.
Douglas Baillie appointed liquidators and in 2016 the FCA changed their status to “No longer authorised”.
In 2017 the FSCS declared them in default. This is something they do when they are satisfied a company cannot meet its financial obligations.
Are you concerned about the advice you may have received from Douglas Baillie and want to talk to someone who can help you understand mis-selling and if you have been mis-sold?
We offer a free initial check to assess whether the advice you received was suitable or negligent and if you may have a case to pursue a claim for compensation. No obligation to use our service.
Fill in the enquiry form to arrange a call back with one of the team or call 0114 2664216
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 Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.