Following recent news that financial adviser, Portafina (now known as Portal Financial Services) has stopped accepting new clients, the firm has now lost the first leg of its legal battle against the Financial Ombudsman Service (FOS).
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As it did not agree with FOS’ findings, particularly the Ombudsman’s view that it was responsible for the investments made, Portal/Portafina made an application to the Court for Judicial Review, with a view to challenging the FOS decision. Judicial Review is a significant legal step where a senior Judge decides if the decision made by a public body, in this case, FOS, was lawful or not.
Portal/Portafina’s application has now been heard by the Court. The Judge held that Portal/Portafina did not have a valid basis upon which to bring a Judicial Review, refusing the application on all grounds.
Head of Professional Negligence at TLW Solicitors, Sarah Spruce said:
“Whilst this is positive news for consumers, Portal/Portafina has since confirmed that it intends to appeal the Court’s decision. In turn, FOS has confirmed that it intends to defend the appeal. The team at TLW Solicitors eagerly await the next stage of the case. In the meantime, if Portal/Portafina or Cherish/Wealth/Shah Wealth were involved in the transfer of your pension, please feel free to contact TLW Solicitors’ Professional Negligence Team for a no-obligation chat to see if we can help.”
TLW Solicitors are specialists in claiming compensation for those who have been mis-sold pension investments. Members of the team specialise in cases where investors have received unsuitable advice to transfer out of a Defined Benefit (DB), company or final salary pension scheme.
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