Portal Financial Services LLP are a financial advice firm, established in 2009 and based in London. They have also traded as Portafina LLP.
According to the FCA register Portal Financial Services applied to have its FCA permissions cancelled on June 18th 2021.
It’s also been reported that some clients had received a letter from platform company Novia informing them that “Portal Financial Services is no longer authorised as an advice firm”
The firm is still authorised according to the FCA register.
Unsuitable advice complaints have been made against Portal Financial Services (Portafina). The Financial Ombudsman Service has upheld 22 of these since March this year.
Most of these complaints relate to the advice given to transfer from defined benefit (DB) occupational pension schemes into SIPPs.
They also involve transferring funds into UCIS – Unregulated Collective Investment Schemes – which were not suitable investment options for these clients.
Many of these cases also mention clients being introduced to Portafina by a 3rd party, who was an appointed representative of another regulated company. The regulated company was authorised to give advice on investments but not pension transfers, like Portafina is.
However, as Portafina advised on transfer they also had a responsibility to check where the funds would be invested to ensure their advice was suitable.
In one decision the FOS said..
“Portafina still had a duty to ensure the overall transaction was suitable, notwithstanding that another regulated firm was going to be involved.”
The other firms involved were not named but it was said both have since entered liquidation.
UCIS are usually considered unsuitable investments for people with little investment experience or capacity for loss. They are also classed as high risk so should only be appropriate for clients whose attitude to risk is compatible.
UCIS mentioned in complaints made against Portal include:
If you are concerned about the advice you received from Portal Financial Services LLP (Portafina) and want to check if it may have been unsuitable (mis-sold) – we offer a free consultation.
It’s a simple chat with one of our experienced claims handlers to initially assess if we think you have a claim. Our assessment is free and there’s no obligation to use our service.
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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.