Therefore the Fos ruled that the advice to transfer into the Sipp was unsuitable.
"If Facts & Figures had advised Mr B not to transfer his pension arrangements into the Sipp I think that he would’ve accepted its advice," said Mr Hudson.
"I haven’t seen enough to persuade me that Mr B would’ve still gone ahead with setting up the Sipp if he’d been told clearly about the rrisks and the additional payments that would be required later.
"If Mr B had known about all of these facts I consider that he would have decided not to invest in Harlequin property and he would not have transferred to the Sipp."
The Fos ordered Facts & Figures to compensate Mr B so that he would be as close to the position he would be in if he had not transferred his pensions.
The firm must also pay any future fees owed by Mr B to the Sipp for the next five years and pay him £200 for the distress and inconvenience.
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