1 Stop Financial Services
If you received financial advice from 1 Stop Financial Services and went ahead to make an investment based on that advice, you may be eligible for compensation. 1 Stop Financial Services advised on high risk, unregulated and illiquid investments that put thousands of people’s pensions at risk.
The firm is believed to have mis-sold SIPPs to more than 2,000 individuals between 2010 and 2012, with up to £122m worth of investments and transfers made during that period. If you are a victim of negligent advice by 1 Stop Financial Services, we can help you make a claim to recover your lost funds.1 Stop Financial Services was an Independent Financial Advisory firm that was based at 20 High Street, Haverfordwest, Dyfed, SA61 2DA. They were authorised by the Financial Conduct Authority under registration number 407894, but as from 17/04/2014 they were no longer authorised to provide regulated products and services. The firm is believed to have given advice regarding high risk, unregulated and illiquid investments. Nearly everyone who received advice from 1 Stop Financial Services was mis-sold and has lost most, if not all, of their pension savings.
If you received advice from 1 Stop Financial Services, now is the time to act. If you feel you may have a claim, do not hesitate to contact Return My Pension. We have a team of highly experienced claims experts who have helped thousands of investors recover their lost funds. We have a deep understanding of what needs to be done to make your claim process as smooth as possible. Give us a call today to have the advice you received from 1 Stop Financial Services reviewed. According to the Financial Conduct Authority (FCA), 1 Stop Financial Services is said to have advised more than 2,000 customers between October 2010 and November 2012. The IFA is believed to have encouraged customers to transfer from their existing defined pension schemes into a SIPP so that they could be able to invest in high risk, illiquid, non-regulated investments. 1 Stop’s customers are believed to have used SIPPs to invest in products such as diamonds and overseas properties, which were typically not permitted by the customer’s previous pension schemes. Some of the 1 Stop Financial Service’s Customers were advised to invest in the Harlequin Caribbean Property developments. The firm’s partners were fined a total of £490,100 and anyone who transferred their pension into a SIPP, may be eligible to make a claim.
Here are some of the major ways 1 Stop Financial Services may have mis-sold you:
- 1 Stop Financial Services failed in their duty of care. Their financial advisors did not assess your financial circumstances as well as your attitude towards risk before recommending you high risk overseas properties, such as Harlequin Properties.
- 1 Stop Financial Services did not tell you that by transferring out of your existing defined benefit pension scheme, you would lose out some of the core benefits entitled to you, not to mention the high pension transfer charges involved.
- 1 Stop Financial Services pressured you to invest in the high risk, unregulated investments, even though you were not comfortable investing your pension savings in such kinds of investments.
- 1 Stop Financial Services did not tell you the amount of money you would make from the investment depended on performance.
- 1 Stop Financial Services gave you wrong advice regarding SIPPS, which has left you worse off financially.
- 1 Stop Financial Services did not tell you that by exceeding the £40,000 tax-free limit would make you liable for the 55% income tax.
- 1 Stop Financial Services told you to invest in a complicated product, but never bothered to make sure that you fully understood how the investment worked.
- 1 Stop Financial Services told you that your initial investment was completely safe even if the promised returns never materialised.
- 1 Stop Financial Services advised you to invest all your pension savings in a single investment product.
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