Foreman Financial Services, which trades as Grainger Co Financial Services, refused to pay an award made against it by the Financial Ombudsman Service.
The complaint was made after the firm recommended a self invested personal pension for one of its clients to use to buy a Harlequin property but the client said Foreman did not assess whether the investment was suitable.
An ombudsman agreed the advice had not been suitable and recommended that Foreman should pay enough money into the Sipp to put the client into the position they would be in, had they not transferred.
But despite repeated requests by the FCA and the Fos, Foreman has not paid the money so the regulator has cancelled the firm’s permissions.
In a statement on its website, Foreman said: “It is with great sadness that we would like to inform our past and present clients that Foreman Financial Services Ltd (trading as Grainger Co Financial Services) has permanently ceased trading.
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