IFA to pay up to £150k to compensate client for Harlequin advice

The Financial Ombudsman Service (FOS) has an IFA to pay up to £150,000 in compensation for the advice it gave a client to open a SIPP, which was used to invest in failed property scheme Harlequin. In early 2010, a client - designated 'Mrs P' by the ombudsman - was introduced to Sussex IFA by a third-party adviser. At the time, he needed a regulated business to facilitate the transfer of his existing personal pensions to a self-invested personal pension (SIPP). In May 2011 Mrs P met with the adviser, an authorised representative of Professional Intermediary Introducers, to discuss her ...