Douglas Baillie LTD was an independent financial advisory company based in Perth.
Douglas Baillie and its sister company, The Pension Specialist, were accused of breaching regulations set out by the Financial Conduct Authority (FCA). They were accused of not ensuring clients were recommended a suitable pension scheme.
The companies also failed to take into account the clients’ attitudes towards risk or their level of financial experience when making these recommendations. The FCA regulations make due diligence guidelines clear. Advisers have a responsibility to understand their clients’ level of knowledge of the risks involved in any investment.
Douglas Baillie Default
In October 2013 Douglas Baillie Ltd suspended trading of its sister company The Pension Specialist. This followed concerns raised by the FCA regarding the standard of the firm’s advice. The company was accused of failing to collect the correct amount of information regarding its clients. The company made inappropriate financial recommendations as a result.
In late 2016 the Financial Services Compensation Scheme (FSCS) declared the firm in default.
At its height, Douglas Baillie managed up to 9,000 pension transfers into self-invested personal pensions (SIPPs). However, the company was forced to close that side of the business.
Financial Ombudsman Service (FOS) Complaints Upheld
Douglas Baillie had seven complaints from the Financial Ombudsman Service (FOS) upheld. The majority of the claims related to recommendations to invest in unregulated overseas investments via SIPPs. These included StoreFirst, Green Oil Plantations, and Harlequin.
In addition, many complaints stated that clients were introduced to Douglas Baillie via a third party unregulated introducer.
Does or did Douglas Baillie LTD or it’s sister company The Pension Specialist act as administrator for your SIPP? Have you invested in StoreFirst, Green Oil Plantations, and Harlequin following advice?
If so contact our team of financial mis-selling experts as we can offer support and advice on recovering compensation for any loss suffered.