MFS Partnership (SW) LLP was formed in 2003 and based in Plymouth. In 2016 reports of customer complaints began to surface regarding pension mis-selling.
Pension mis-selling commonly occurs as the result of advisers placing clients into unsuitable investments and often these are high risk, unregulated schemes held within a SIPP.
This was also the case with one particular complaint against MFS Partnership which saw the client, known as Mr S, have his complaint upheld by the FOS for advice leading him to be invested in New Earth Solutions Recycling Fund.
A regulated adviser should operate due diligence and check that their clients’ circumstances and attitude to risk, suit the investment.
This was a high-risk investment scheme, which was part of his SIPP but was unsuitable for the client as he had clearly demonstrated he was a low-risk investor.
MFS Partnership were eventually declared in default by the Financial Services Compensation Scheme, something the FSCS do when they are satisfied a company cannot meet its financial obligations to its clients. The firm also went into liquidation in 2016.
If you were advised to transfer into a SIPP and you have concerns about the advice you received or the investments within your SIPP and would like to talk to our team about it call 0114 2664216.
We offer a free initial check to see if you may have been mis-sold. It’s just a simple chat with one of our team who can briefly assess if you may have a case. There’s no obligation to use our service.
Fill in the enquiry form to arrange a call back at a convenient time for you.
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.