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Cold calling leads to unsuitable investment

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Our client was wrongly advised by St Pauls Marketing Limited (an Appointed Representative of Alexander David Securities Limited) to transfer her pension to a self-invested personal pension (SIPP) and invest in an unsuitable investment.

Our client was cold called by St Pauls Marketing Limited and advised to open a SIPP (Self Invested Personal Pension) and transfer her two personal pensions of just over £22,000 into it. A stockbroking account was set up and the majority of the money was then transferred to that account and invested in Just Loans debentures. St Pauls Marketing had failed to ensure the suitability of its advice to switch pensions and invest in a non-standard asset which was high risk and unregulated.

Scott Birchall director of Smooth Commercial law has been dealing with this case, after going through all the evidence available and taking the case to the Ombudsman our client will be fully compensated for all that was invested plus interest.

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