Greyfriars Asset Management were a SIPP provider company that were also authorised to provide financial advice and Discretionary Fund Management (DFM) services.
Discretionary Fund Management usually involves a fund manager building a portfolio of investments tailored for you.
The now defunct Portfolio Six (P6) received a lot of media attention. No doubt due to the fact it featured several high-risk ventures which were unsuitably marketed at SIPP investors.
These investments included
In 2016 they were requested by the FCA to stop accepting new money into their DFM Portfolios, in particular Portfolio Six, on a permanent basis.
Unfortunately, many cases of pension mis-selling occur as a result of low risk investors ending up in unsuitably high risk investments.
In fact, in 2017, the FCA sent out a warning to SIPP providers, advising them how some DFM portfolios might be putting investors at risk. This was because they contained high-risk, non-standard investments which may not be suitable for that client’s risk profile.
Financial advice firm Consumer Wealth were identified as a distributor of Portfolio Six. They also reportedly advised many clients to switch their personal pension into SIPPs and some into non standard high-risk investments which became illiquid. Consumer Wealth are currently in liquidation after receiving complaints for mis-selling.
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.
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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.