The Financial Factory

Did you receive advice from The Financial Factory? If so you may want to check if you should be claiming compensation for mis-sold pension advice.

The Financial Factory was an Independent Financial Advice firm based in Northern Ireland. The company director was Brian Boyd, who also set up an introducer company called Property Factory. Property Factory later changed its name to NI Alternative Investments Ltd.

The Financial Factory was declared in default by the FSCS in September 2018 and both companies have since been dissolved.

The Financial Factory  and complaints about advice

Complaints about advice given by The Financial Factory regarding pensions and investments, were first upheld by the Financial Ombudsman Service in 2017.

These complaints involved advice to move personal pensions into SIPPs which contained a high risk, unregulated investment – Harlequin.

From the evidence in these cases, it seems The Financial Factory failed to ensure that the investment in the SIPP was suitable for their clients.

In one case the FOS commented that …

“…The advice Mr G was given was defective. It did not encompass the intended investment in the SIPP (Harlequin)”

 

Harlequin Property

Harlequin Property was an investment scheme to create 6000 hotel and rental properties in the Caribbean and other locations.

It’s estimated £400m was put in by 6000 investors, the large majority of which were investors with SIPPS.

However, it’s been reported that only 300 of the proposed properties were actually built.

Harlequin Property is truly an example of SIPP mis-selling at its worst.

From unregulated marketing companies cold calling people using free pension reviews to negligent financial advice which saw people invest their pension pots into a totally unsuitable investment scheme.

In 2017 the Serious Fraud Office charged the chairman of the Harlequin Group – David Ames with 3 counts of Fraud by Abuse of Position.

Harlequin Property has since been valued at £0.

 

SIPP Providers linked to Harlequin

As many people who invested in Harlequin Property did so through their SIPP, the investment was popular with many SIPP providers, such as:

Want to know if you may have been given mis-sold pension advice from The Financial Factory?

Whilst each case is individual, as pension mis-selling specialists we know to look for certain signs that in our experience indicate mis-sold pension advice may have been given.

Our assessment is free and there’s absolutely no obligation to use our service if you have case.

See what our clients have to say about our service on Trustpilot.

Key Facts

1
The Financial Factory was dissolved in 2018, however you may still be able to make a claim if you are eligible and have been mis-sold
2
The Financial Factory advised clients into SIPPs that contained Harlequin properties - a high risk, non standard investment unsuitable for the average SIPP investor

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2024-03-08
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2024-02-23
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2024-02-07
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2024-02-05
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2024-01-16
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2023-10-17
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2023-10-17
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2023-10-16
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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.