Opes Financial Planning Ltd were a financial advice firm based in Scotland.
Established in 2010, they were known as Money Advice Partnership Ltd until 2016 when they changed their name to Opes Financial Planning.
Opes Financial Planning Ltd are currently in liquidation and were declared in default by the FSCS in July 2020.
An unsuitable advice complaint against Opes was upheld by the FOS in August 2018.
Mr Q complained about the advice he had received to transfer his existing pension plans to a SIPP which had 2 high-risk, unregulated investments – Merco Bonds and Storefirst.
Even though Mr Q had been referred to Opes for transfer advice, the Ombudsman said …
“… [Opes] still had an obligation to consider whether it was in his best interests and had an independent duty to give suitable advice…. To be able to advise in accordance with the rules, Opes had to understand the risks associated with the investments. Without this information it could not say whether the transfer was suitable or not.”
A majority of pension mis-selling cases occur because of poor or negligent financial advice.
If a regulated company or advisor has recommended a product such as an investment or pension transfer that isn’t suitable for you or they didn’t adequately explain the risks involved, this may be mis-selling.
If you’d like to know if the advice you received may have been mis-sold, we may be able to help.
We offer a free assessment to help establish if the advice you received was suitable or not and if you have grounds to proceed with a claim for compensation.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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.