Warrington based LJ Financial Planning has been fined £107,200.00 by the Financial Conduct Authority because it provided unsuitable pension transfer advice.
114 clients in total were advised to transfer their pensions into SIPPs (Self Invested Personal Pensions) between March 2010 and December 2012. In all cases LJ Financial Planning failed to provide proper advice on the underlying investments within the SIPPs.
In total more than £6 million of transfers took place into “investments” which were often high risk, unregulated and illiquid.
LJ Financial Planning has already started to pay compensation to some of the clients affected.
Many of the clients were approaching retirement age and, in some cases, have lost their entire pension because of the unsuitable advice provided by LJ Financial Planning.
The Financial Ombudsman Service ruled that although LJ Financial Planning had carried out the necessary fact-find they were not in any way concerned about the nature of the investment the clients were encouraged to make.
Anybody that might be affected as a result of unsuitable advice given by LJ Financial Planning should, in the first instance, make a complaint to that firm. Alternatively, we can offer initial advice completely free of charge and without any obligation.