FOS Orders IFA to Pay Redress over Sipp Biofuel Investment
by Charles Walmsley (CityWire) The Financial Ombudsman Service (FOS) has ordered a Rugby-based advice firm to compensate a client who invested a £13,700 pension pot in unregulated biofuel scheme Sustainable AgroEnergy.
Sustainable AgroEnergy invested in jatropha oil, a form of biofuel, in Cambodian plantations. It was promoted by a company called the Sustainable Growth Group.
The scheme fell apart in February 2012 when the Serious Fraud Office obtained a freezing order against the company. By this point it had already attracted £23 million from investors.