Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.

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Portal Financial Services was incorporated as a limited liability partnership on 24 March 2009 and has gone by previous names of Portafina LLP or Portal Financial. It currently operates from Kemp House 152-160 City Road London EC1V 2NX. The company is active and continues to service existing clients but it is no longer taking on new clients.

Portal Financial Services has applied to cancel their authorisation with the city watchdog, the Financial Conduct Authority. The decision to cancel its permissions follows a run of 44 upheld complaints with the Financial Ombudsman Service (FOS), 22 of which, were upheld since March of 2021.

However, a spokesperson for the business denied its closure is connected to the recent FOS decisions. The spokesperson said:‘Over the past four years, we have been restructuring our business and this means that Portal Financial Services will no longer be providing financial advice.”

Portal Financial Services last accounts were made up to 31 March 2020, and their last statement was made up to 24 March 2021.

The company has had five officers and four resignations throughout its lifespan:  Galahad Advisory Limited (active) ; Agravain Advisory Limited (resigned) ; Bedivere Advisory Limited (resigned); Bors Advisory Limited (resigned) ; Gawaine Advisory Limited (resigned).

Portal Financial Services is known to have mis-sold SIPP pension products to clients across the UK – did you deal with this company? If so, you may be entitled to mis-sold SIPP compensation.

What Did Portal Financial Services LLP Do Wrong?

Portal Financial Services advised savers to transfer from their defined benefits (DB’s) also known as final salary pensions to a SIPP and in some circumstances to high-risk unregulated collective investment schemes (UCIS).

Final salary pensions are considered the gold standard in pensions paid for either wholly or partially by your employer that pays out an income for the rest of your life once you reach retirement. They keep up with inflation, so you can continue to afford a good lifestyle even when costs rise. Recipients didn’t have to pay high annual costs or fees, either. These excellent terms make final salary pension very desirable – and lucrative.

Remarkably, Portal Financial Services persuaded customers to swap the security of their DB pension/ final salary pension, to SIPPs that invested in high-risk, unregulated investment schemes (UCIS), which the Ombudsman determined was unsuitable in the majority of cases. Typically, mis-selling is related to investors being given poor or misleading advice as to what investments were relatively safe and suitable for the needs of their clients.

Start your Portal Financial Services LLP claim today

Did your Portal Financial Service advisor make you aware of the risks of a pension transfer? Were you told that you were about to invest in a risky SIPP or investment, unregulated by the Financial Conduct Authority (FCA)? Do you feel that you were misled at any point during your experience with Portal Financial Services, or any other financial advisor?

Our friendly team of SIPP claims experts is on hand to have a look at your case and determine if you were mis-sold SIPP products. If you were ever misled and told to remove your retirement savings from a secure scheme and reinvest into a risky SIPP, you likely qualify. Apply online today for an information pack to learn more.

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Claiming for Free Yourself

Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.