Turnberry Wealth Management – which entered liquidation on 27 March 2015 – has lost at least three cases at the Financial Ombudsman Service (FOS).
The FOS ruled the IFA advised clients to invest in high risk unregulated schemes that were unsuitable for them.
One was an investment in a scheme that could have resulted in 100% loss of capital, in order to reduce the client’s tax liability.
In another case, Turnberry recommended a client borrow money to invest in an unregulated scheme, also to save tax, that would leave the client with about 50% of his non-pension assets in unregulated investments.
The third case the FOS upheld against Turnberry involved a client being advised to invest in three unregulated collective investment schemes (UCIS), three years before she planned to retire without a personal pension.
In 2013 Turnberry director Martin Brown was embroiled in a pension liberation scandal.
Five pension schemes run by Marley Administration Services had their assets frozen as part of The Pensions Regulator’s (TPR) clampdown on suspected pension liberation.
Brown was acting as trustee of the schemes, and director of the sponsoring employer, Turnberry Wealth, and the administrator, Marley.