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Portal Financial Service LLP

Portal Financial Services are a financial advisers based in Rochester, but are now registered at a
virtual office in London. They have also been know to trade as Portafina LLP from May 2016 before
reverting back to Portal Financial Services LLP in January 2021.

They gained regulation from the Financial Services Authority (now the Financial Conduct Authority)
back in 2009, however, they applied to cancel their permissions in April 2021.

So, what went wrong?

The firm received a number of complaints against them which they rejected and were referred to
the Ombudsman. When reviewing the complaints, the Ombudsman found that the advice that led to
the complaint was unsuitable in 84 of the 88 cases they have reviewed.
An example can be found here.

Portal Financial Advice LLP had advised, in many of the cases, for the client to transfer their defined
benefit (sometimes referred to final salary) pension into a self-invested personal pension (or SIPP).
In many cases, the advice to transfer from the defined benefit pension was unsuitable for the clients
in question, but that was not enough for Portal Financial Services LLP, they proceeded to
recommend that their clients invest in high risk, unregulated collective investment schemes which
have now failed.

Some examples of the investments recommended are Lakeview UK Holdings, Biomass Investments,
Strategic Residential and Brisa Investment.
Following this they have featured in a news article published by New Model Adviser that can be read
here.

Next Steps

If you have received advice from Portal Financial Services LLP or Portafina LLP, please complete the
contact form below and one of our experts will be in touch with you to discuss the advice you have
received and they will be able to provide an initial judgement as to whether you would be able to
make a claim.

We can then take the stress out of your hands and process the claim on your behalf.

Make a claim

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