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Rowanmoor ordered to pay compensation after losing SIPP Case

14 February 2022

The Financial Ombudsman Service has published its decision of a “sample case” involving SIPP operator Rowanmoor.

The FOS found against Rowanmoor in a case which centred around due diligence.

This outcome could help fast-track hundreds of cases against the firm which are currently in the pipeline.

What did Rowanmoor do wrong?

Whilst Rowanmoor was not responsible for giving advice to the client, it did have a responsibility to carry out sufficient checks on a firm it had accepted business from.

According to the decision, the Ombudsman found that Rowanmoor had failed to verify the integrity CIB Life and Pensions.

They should also have spotted warning signs that clients weren’t receiving the full advice that CIB had purported to.

Rowanmoor were ordered to pay compensation to the client for the losses he had suffered.

CIB Life and Pensions

CIB Life and Pensions introduced 1,387 clients to Rowanmoor. A quarter of these involved pension transfers from occupational schemes.

CIB Life and Pensions was a regulated financial advice firm. They used appointed representatives – Real SIPP – to help market the SIPP package.

The firm was dissolved in 2018.

The Resort Group

The investment involved in this case was The Resort Group (TRG) – a high-risk, unregulated property development in Cape Verde.

An undercover Panorama exposed the alleged practices of two marketing firms, promoting TRG. They allegedly cold called people and used “free pension reviews” to persuade them to transfer their pensions and invest.

Over 1,000 complaints have been made to the FCSC naming CIB Life and Pensions and involving The Resort Group Investment.

Complaints against Rowanmoor SIPP

The Fos is currently handling 886 complaints against Rowanmoor that involve due diligence and 548 of those involve The Resort Group.

A FOS spokesman has said the case involving Mr T was a “sample case” which Rowanmoor should use in handling other complaints on this matter.

 

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