Financial Ombudsman Service  

Advice firm facing 190 Fos complaints

Advice firm facing 190 Fos complaints
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Pensions advice firm Portal Financial Services LLP is now facing 190 open Financial Ombudsman Service complaints.

The ombudsman told FTAdviser "virtually all" the complaints are defined benefit transfer related.

The latest figure is an increase on the 180 counted by the Fos in April.

In its most recently published data, covering July to December 2021, the Fos recorded an uphold rate of 95 per cent for complaints against Portal.

While data for January to June 2022 is yet to be published, a Fos spokesperson told FTAdviser: “[We] expect the uphold rate to continue to be very high for that company.”

Portal has stopped accepting new clients, according to its website. It has also applied to the Financial Conduct Authority to cancel its authorisation, though it is still currently authorised.

According to Companies House, the last accounts filed for the company are for the year to March 31, 2020.

These show gross profit falling from £4.5mn in 2019 to £1.7mn in 2020 and turnover falling from £7mn to £1.7mn.

Administrative expenses have also dropped, from £4.1mn to £1.4mn, with operating profit rising slightly from £325,000 to £338,000.

The next accounts for the year to March 31, 2021 were due in December last year, but have not yet been filed, according to Companies House.

Portal has been approached for comment.

sally.hickey@ft.com, ruby.hinchliffe@ft.com