Our client Ms K, took advice from an independent financial advisor at ‘Omega Financial Solutions Limited’, to invest her pension into a Qualifying Recognised Overseas Pension Scheme (QROPS) with Castle Trust & Management Services Limited.
At the time Ms K was a Support worker for East Riding Council, and had built up a significant pension during her time of service.

After completion of the QROPS application forms, the sum of £104,626.62 was transferred from Ms K’s existing pension with the Council, to Castle Trust. Numerous high risk investments were made, namely:

• Energy 10
• Aspiro Research
• Consilium
• British Land & Property Fund

Some of which subsequently failed or are currently illiquid. Ms K had also lost out on interest that she would have accrued should the pension not have been transferred into such investments.

Ultimately, this was a high risk investment which did not match our clients attitude to risk and suitability. Ms K had no previous investment experience.  The poor advice given to Ms K resulted in significant financial losses.

The claim was brought via the FSCS against Omega Financial Solutions Limited and we have been successful in recovering the maximum payment of £85,000 for Ms K.

Ms K advised that without the help and knowledge from High Street Solicitors, she would not have been able to recover her losses.  Ms K is now looking forward to future plans with her retirement funds.

If you are in a similar situation to Ms K and require further information, please contact us here.