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Successful recovery of £85,000 for mis sold pension transfer

Successful recovery of £85,000 for mis sold pension transfer

Our client who was on long term sickness from his employment at the time, received advice from an independent financial advisor ‘Omega Financial Solutions Limited’, to invest his pension into a Qualifying Recognised Overseas Pension Scheme (QROPS) with Castle Trust & Management Services Limited.

The sum of £77,716.97 was transferred from the client’s existing pensions that he had built up with Royal Mail and from his time in the Armed Forces, to Castle Trust. After fees were deducted the sum of £65,758.00 was invested into the following investments; Aspiro Research, Consilium, Disruptive Technology and Energy 10, the majority of which are illiquid.

The combined hypothetical value of the pension plans with Royal Mail and the Armed Forces would have been £200,485.82 today.

It was a high risk investment which did not match the clients attitude to risk and suitability. The client has not benefited from any returns and would have been much better off had he left his pensions where they were.

The claim was brought via the FSCS against Omega Financial Solutions Limited and High Street Solicitors have been successful in recovering the maximum award of £85,000.00.


If you are in a similar situation to the above client, please contact us.