Guinness Mahon are facing claims over third party pension transfer advice.
Guinness Mahon has been asked to pay two clients compensation after unregulated SIPP transfer advice was given by third-party firm, Avacade.
The two clients had reached out for compensation after losing money as a result of advice regarding their pensions.
The cases focus on how Guinness Mahon opened SIPP schemes for clients after the recommendations from Avacade. Since the advice, Avacade have faced legal action from the Financial Conduct Authority (FCA).
The FCA have said that Avacase alongside Alexandra Associates were responsible for transferring at least £86m in pension assets for over 2,000 clients. They did this by cold calling people and convincing them that a SIPP would be a good investment for them. Clients money ended up in several unregulated high-risk schemes.
There are more known cases against Guinness Mahon and there have been complaints around the lack of duty of care to clients by accepting applications from unregulated advisers.
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The information in this article has been sourced from: https://www.professionaladviser.com/professional-adviser/news/3076225/guinness-mahon-facing-fresh-claims-over-unregulated-advice-sipp-transfers?utm_medium=email&utm_content=&utm_campaign=IFA.Update_RL.EU.A.U&utm_source=PA.DCM.Editors_Updates&utm_term=TCB&im_company=TCB&utm_medium=email&utm_term=&im_edp=782903-a0744b0934fd7547%26campaignname%3DIFA.Update_RL.EU.A.U