Financial Advisory firm Precise Advice Partnership have had their authorisation removed to provide any kind of regulated financial products or services. The company has been banned by the FCA after repeated and widespread mis-selling of high-risk pension investments. And as of the end of 2016, the company had also been declared to be in default by the FSCS (Financial Services Compensation Scheme.)
It has been reported that the company and its two directors, Mark Alexander Robertson and Daniel O’Rourke, took on new clients via unregulated introducers. These new clients were then convinced that their defined benefit pension schemes or final salary schemes were not performing as well as they should. Instead, the clients were led to believe that they could get a better deal by switching their pensions to SiPP’s and furthermore, convinced to invest their savings into ‘Unregulated Collective Investment Schemes.’ The worst of these unregulated collective investment schemes was that of Store First, a high-risk storage pod investment scheme that failed spectacularly. Inevitably this switch from gold plated final salary schemes to precarious and risky SiPP investments did not go well and many investors lost most, if not all of their pension savings.
Since then, the FSCS has upheld a steady stream of compensation claims against Precise Advice Partnership over these mis-sold SiPP’s. Anyone who was a client of Precise Advice Partnership and who lost money as a result of their misleading investment advice is likely to be eligible for compensation.