Portal Financial Services (Portafina) has so far been forced to pay out £10m, but now the company is claiming that it doesn’t have the resources to process any further claims made against them.
Portal Financial Services, also known as PFS and Portafina, has had hundreds of complaints made against them for making pension transfers into SIPPs that were unsuitable and for making investments in collective investment schemes that were unregulated.
Whilst as many as 152 complaints have been processed and financial redress paid, the Financial Ombudsman Service (FOS) states that there are still some 155 cases open against the company. However, PFS sent a letter to claimants on 21 October stating that the company does not have the resources available to be able to process all of these outstanding claims. Outstanding claimants are being advised to make an application to the Financial Services Compensation Scheme (FSCS).
£10m in compensation
PFS claims to have paid out in the region of £10m in compensation to its previous clients. However, there are some clients that have successfully submitted FOS complaints, as early as September 2020, but have still not received their financial redress payment yet. PFS states that their problem lies in not having the human resources to deal with the cases, including people who know how to crunch numbers, investigate complaints, and more.
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Anyone who has an outstanding case with PFS should contact us today. There is no cost or financial risk in pursuing legal action against PFS. Your legal costs will be paid on your behalf, and if your claim is not successful, any legal costs incurred will be covered and will not be payable by you.
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