Discovering ThomTax: No-Win, No-Fee Service

In the midst of this financial turbulence, it helps to have a reliable partner to lean on. Have you heard of ThomTax? Kinda like personal injury lawyers, but with financial cases instead. Smart, right? Here’s the twist—they only charge you if your case comes out on top.

What Does the Process Look Like?

Working with ThomTax involves a few simple steps:

1. Give Them the Facts: First, hand over all your relevant facts and figures. No need to stress over organisation – they’ve got you covered.
2. Decide to Proceed: Next, you decide if you have a claim. You’re in control here. There’s no push to proceed unless you’re comfortable.
3. Enjoy a Free Case Review: ThomTax will conduct a free case review. A sweet deal, wouldn’t you say?
4. Provide Evidence: If there’s evidence of mis-selling or bad advice impacting your investments, ThomTax springs into action.
5. Relax; They Do the Paperwork: They deal with all the paperwork, taking the administrative burden off your shoulders.
6. Sit Back as They Negotiate a Settlement: ThomTax negotiates a settlement on your behalf. They take the lead on this to ensure you’re getting the best outcome.

Well, doesn’t that sound like a pretty sweet deal?

Ready to Give ThomTax a Spin?

Feel like you’re drowning in financial worries because of Portafina’s liquidation? With ThomTax’s No-Win, No-Fee Services, you can take a deep breath and let professionals handle your case. Sounds compelling, doesn’t it? Go ahead, reach out to ThomTax today, and get back on the path to financial peace.

Compensation Pay-Outs So Far

Given the magnitude of the scandal, the Financial Services Compensation Scheme (FSCS) has been actively processing claims related to mis-sold pensions and bad advice by Portafina. To date, there has been substantial compensation provided to help those affected recover some of their losses. Here’s a quick overview of the pay-outs:

• The FSCS has remarkably paid out more than £9.5 million in compensation related to Portal Financial Services, the predecessor of Portafina. This is a testament to the gravity of the situation and the FSCS’ commitment to rectifying the issue.
• The compensation scenario bears a reflection of a mixed bag, with varying outcomes for different investors. There have been 232 successful claims, reflective of the vast number of people who have been mis-sold pensions.
• Conversely, not all cases have been upheld – 28 claims have been denied, suggesting that every situation needs to be assessed individualistically based on its merits.
• As it stands, 187 claims are still in progress. These claims are in varying stages of completion and the final decision is yet to be arrived at. Here’s to hoping the majority of these claims find a successful conclusion.

The wide spectrum of outcomes underlines the need for understanding the claims process thoroughly, and approaching it strategically. Remember, it’s not just about filing a claim, but ensuring your case is compelling enough to be successful. Have you considered seeking expert opinion yet? Surely, the statistics do prompt thought!

Investments that Led to the Downfall 

It’s crucial to understand the choices that led to your financial worries. Every decision and direction suggested by Portafina was a piece of the complicated puzzle that has led to its downfall.

• Biomass Investments: Portafina directed clients towards these green-energy projects, pitching them as a fruitful investment. Little did the investors know that these high-risk ventures would result in capital losses.
• Brisa Investments: Touted as one of the promising investments, Brisa might have shone bright in Portafina’s portfolio, but it left its investors in the lurch. The high level of uncertainty and market volatility associated with Brisa resulted in a financial debacle.
• Lakeview UK Holdings: This residential property venture looked enticing on paper, but in reality? Far from it. Another high-risk investment that didn’t pan out as expected, causing severe losses for those who took the plunge.

• UK Strategic Residential: A precarious investment in housing, UK Strategic Residential promised rewards that it didn’t deliver. The magic faded quickly, leaving countless Portafina clients bearing the brunt.
• Real Estate USA: It was projected that the US housing market would bring good tides with it. The outcome? Quite the contrary. Investment in Real Estate USA manifested as a landscape of loss for clients who trusted the plan.

Simply put, these high-risk investments turned into financial sinkholes, swallowing up the hard-earned savings of countless individuals who put their trust in Portafina’s guidance. Isn’t it time to claim back what’s rightfully yours? Got a sneaky feeling that you were led down an uncertain path by Portafina? It’s high time to examine your options. Don’t worry if you don’t recognise the above. If you were advised by Portafina, then you’re likely to have been invested into one, if not more of them, it can sometimes just be tricky to work out where your money is. 

Claiming Compensation – Choose Your Path Wisely

Navigating the turbulent waters of compensation claims can be daunting, right? But don’t worry—with the right guidance, it doesn’t have to be a nightmare. Let’s breakdown the two ways you can tackle your Portafina-based issues: flying solo or joining forces with a Claims Management Company (CMC).

DIY Route

Thinking of taking the reins yourself? You’re your own captain here. Here’s what you need to do:

• Craft a detailed claim outlining your grievances and submit it to the FSCS.
• Like baking a successful cake, the devil’s in the details. Keep hold of any documents supporting your claim — The FSCS will need these as part of their investigation. The more documents you have, the merrier. 
• Respond to information requests from the FSCS – It can be tricky for the FSCS to know exactly what’s happened in your case, so they often have to ask questions – These can be simple questions about what you were told by your adviser, or highly complicated questions about your previous pensions. Whatever you do, make sure you respond in a timely manner.
• Stay in the loop with the latest claim updates from the FSCS.

Calling in the Professionals

Finding financial jargon as understandable as Mandarin? It may be time to enlist the expertise of a law firm.

• Think of law firms as financial lifeguards, saving you from a sea of confusing paperwork, intricate claim-handling processes and tricky questions raised by the FSCS.
• Yes, they’ll charge you for their services, but the relief of having someone else manage the often-stressful claims process? Priceless.

At the end of day, remember that claiming compensation isn’t a one-size-fits-all situation. Whether you decide to steer the ship solo or bring in the cavalry depends on your comfort and understanding of the financial world. So, which path will you choose?

ThomTax at Your Service

Want to make the most out of your compensation claim without the stress? Here at ThomTax, we’ve got your back. Our No-Win, No-Fee service is the financial equivalent of personal injury lawyers — we only charge if we win your case.

With us on your side, you can expect:

• A thorough review of your facts and information.
• Free case evaluation to help you decide if you have a claim
• Comprehensive handling of all paperwork
• Accurate detection of mis-selling or poorly advised investments
• Effective negotiation with the FSCS to ensure a fair settlement

Sounds pretty sweet, doesn’t it?

Ready to team up with ThomTax? Let’s turn that challenging compensation claim into a victory.

Contact Us today!

Welcome to ThomTax: Your Financial Wingman

Whipped up by the fast-paced world of finance? Getting overwhelmed? Let not the hasty tides scare you away! Here’s where ThomTax sways in as your financial wingman.

No-Win, No-Fee Services

Just like the financial equivalents of personal injury lawyers, we stand by our “No-Win, No-Fee” service. We only charge you if we win your case. But hold on. What’s the procedure all about?

Gather Information

First off, handing over the facts and figures about your case is crucial. This will pave the way to us understanding your case better.

Case Analysis

Next, delve into the specifics of the case. Remember, it’s ultimately your call to decide whether you have a claim or not.

Free Case Review

Guess what? We offer a free case review! Talk about cherry-picking, huh?

Establish Mis-selling

Has there been evidence of mis-selling? Or bad advice negatively impacting your investments? This situation would lead us to proceed further.

Navigating Paperwork

Ah, paperwork! Wading through this sea can be tiring. You may not even have any paperwork – Don’t worry. We’re here to deal with all of that.

Negotiate Settlement

Finally, we use all the gathered information to negotiate a settlement with the responsible firm, FOS or FSCS.

Sounds like a pretty sweet deal, right? Well, there’s only one way to find out:

Take Action with ThomTax

Don’t let the numbers cloud your vision. Get on board with ThomTax, and let’s navigate the financial seas together. Remember, we’re in this journey with you every step of the way. Let’s make the most of it, shall we?

ThomTax: Your Partner in Claim Settlement

Time waits for none, especially when you’re dealing with compensation claims. Have you received disappointing advice from financial advisors? Don’t sit idle. Allow us to introduce ThomTax, the No-Win, No-Fee service that’s here to help. Sounds riveting, doesn’t it? Let’s delve in further.

Understand Your Situation

• Why Rush? Good question. Besides the Financial Ombudsman Service (FOS) stating a six-year cap on most financial mis-selling claims, there’s also an additional three-year buffer from when the error was first realised. But there are exceptions, and that’s why we’re here to help you navigate them. Time is ticking though, so don’t delay!
• An Avalanche of Paperwork? We’ve got you covered. Filing a claim involves hefty paperwork that could feel overwhelming. But you’re not alone, considering ThomTax will handle all of it for you.
• Looking for Closure: Besides recovering your financial losses, what’s also important is peace of mind and closure. We understand that settling claims provides you with an opportunity to close a stressful chapter in your life.

Don’t stand still in the face of a difficult situation. It’s time to turn the tide in your favor with ThomTax.

How Does ThomTax Work?

It starts with you sharing all your facts, figures, and paperwork. Based on the information you provide, we’ll determine if you even have a claim that can be pursued. If we believe that there’s evidence of mis-selling or other issues, we’ll:

• Process all your paperwork,
• Negotiate a settlement with the responsible firm, FOS or FSCS.

So, with ThomTax, not only do you stand a chance to receive your rightful compensation, but you also safeguard yourself from all the stress that comes along with it.

Sounds pretty sweet, huh? Well, the ball’s in your court now! Are you ready to turn the tables and get what’s rightfully yours? If yes, [link to ThomTax website] start your claim with ThomTax today! [/link] Your fight is our fight, and we won’t rest until you get justice.

ThomTax: Your Financial Mis-Selling Advocate

In a world loaded with complex financial contracts and legal jargon, it’s easy to feel overwhelmed. That’s where we come in. ThomTax provides you all the support you need when dealing with financial mis-selling claims, particularly in the realm of mis-sold investments. Ever heard of No-Win, No-Fee Services? That’s our game! Just like personal injury lawyers, we only bill you if we win your case. Now, isn’t that refreshing?

The Process: Simple and Straightforward

The way we work is designed to be as effortless for you as possible. Here’s what you can expect:

• Fact Compilation: Hand over all your facts, figures and paperwork to us. The more we know, the better we can serve you.
• Claim Evaluation: We advise whether you have a claim and let you decide whether you want to take it further. No pressure!
• Free Case Review: We examine every detail of your case, free of charge.
• Entry Clearance: Only if we find evidence of mis-selling or bad advice that’s negatively impacted your investments will we proceed. If not, no harm, no foul!
• Paperwork Management: We handle all the paperwork. So, you can say bye-bye to that massive headache!
• Settlement Negotiation: We negotiate a settlement with the responsible firm, FOS, or FSCS on your behalf. No more wrestling with financial or legal jargon.

Sounds like a sweet deal, doesn’t it?

Get Started with ThomTax

Don’t let financial setbacks stall your progress. Bank on ThomTax’s No-Win, No-Fee services. Any losses from financial mis-selling shouldn’t be yours to shoulder alone. Let us help lighten your load. So, why wait? Get in touch with ThomTax now and let’s take those first steps towards reclaiming your compensation together!

Understanding Portafina’s Modus Operandi

Understanding exactly what went wrong with Portafina that led to so many complaints is a step towards gaining compensation. Peter Robinson provides a few insights:

• Peter emphasises how many complaints tend to centre around Portafina’s advice to invest in Unregulated Collective Investment Schemes (UCIS). These schemes can be highly risky, especially for those who can’t afford to lose their investment.
• Next on the complaint list are other non-traditional, high-risk investments that Portafina advised on. Robinson points out that these types of investments are not suitable for everyone, basically those with a lower risk tolerance or those close to retirement.
• It also seems that quite a number of claimants were apparently encouraged to switch their personal or workplace pensions to a SIPP, an approach that is not deemed appropriate for everyone. Robinson states, “Not everyone benefits from a SIPP – they can be complex and come with higher fees. They’re usually more suited to people with larger pension pots who have some investment experience”.
• Another common complaint centring on Portafina relates to lack of proper disclosure about the fees associated with investments and the risks involved. Peter says, “It’s vital that financial advisors fully explain all potential outcomes and expenses. You can’t make an informed decision without all the facts on the table.”

The more you understand the reasons behind the complaints related to Portafina, the better informed you are about potential red flags and pitfalls of pension investments. Not to mention, having such understanding bolsters your claim if you are amongst those affected. As Peter says, “Forewarned, is forearmed”.

Fact	Figure
Total compensation paid out by FSCS	£9.5 million
Number of claims made to FSCS	447
Number of successful claims	232
Number of unsuccessful claims	28
Number of claims still in progress	187
Majority of complaints relate to	Pension transfer advice
Number of FOS complaints	190
Percentage of FOS complaints upheld	95%
Number of pension transfers advised on	232
Number of UCIS investments	Multiple
Number of SIPP claims reviewed	232

Portal Financial Services LLP, also known as Portafina LLP, was a financial advice firm based in the UK that operated from 2009 to 2023. Here are the key details about the company:

1. Establishment and Status:

• Incorporated on March 24, 2009[1]
• Entered compulsory liquidation on January 18, 2023[4][5]
• Declared in default by the Financial Services Compensation Scheme (FSCS) on March 16, 2023[4]

1. Business Operations:

• Provided financial advice, particularly on pension transfers[5]
• Operated as one of the country’s leading regulated financial advisers[3]
• Based in Birmingham, with a registered office in London[1][5]

1. Regulatory Issues and Complaints:

• Faced numerous complaints related to pension transfer advice[5]
• Had 291 claims against it when declared in default, mostly related to pension transfer advice[5]
• Recorded a 95% uphold rate for complaints at the Financial Ombudsman Service from July to December 2021[5]
• Involved in advising British Steel Pension Scheme members, which led to controversy[4][5]

1. Financial Performance:

• Last filed accounts were for the year ending March 31, 2020[5]
• Showed declining financial performance, with gross profit falling from £4.5 million in 2019 to £1.7 million in 2020[5]

1. Compensation Claims:

• As of October 2023, the FSCS had paid out £9.5 million on 232 successful claims against Portal Financial Services[14]
• Total claims reached 447, with 187 still in progress[14]

1. Associated Entities:

• Had connections with Cherish Wealth Management, another failed advice firm[15]
• Directors reportedly had links to some high-risk investment firms[15]

1. Controversial Investments:

• Advised clients to invest in various high-risk and sometimes unregulated funds[11][15]

The failure of Portal Financial Services LLP has left a significant impact on the financial services industry, particularly in the area of pension transfer advice. It serves as a cautionary tale about the importance of proper financial advice and the potential consequences of high-risk investment strategies.

Citations:
[1] https://find-and-update.company-information.service.gov.uk/company/OC344297
[2] https://find-and-update.company-information.service.gov.uk/company/OC344297/officers
[3] https://uk.linkedin.com/company/portafina
[4] https://www.fscs.org.uk/making-a-claim/failed-firms/portal/
[5] https://www.ftadviser.com/your-industry/2023/03/16/portal-financial-services-fails-with-nearly-300-pension-claims/
[6] https://nz.trustpilot.com/review/portafina.co.uk
[7] https://register.fca.org.uk/s/firm?id=001b000000NMPQUAA5
[8] https://www.geminilegal.co.uk/portal-financial-services-llp
[10] https://find-and-update.company-information.service.gov.uk/company/OC344297/filing-history
[12] https://find-and-update.company-information.service.gov.uk/company/10290349
[13] https://www.thegazette.co.uk/company/OC344297
[14] https://www.ftadviser.com/pensions/2023/10/30/fscs-pays-out-9-5mn-on-failed-firm-portal-financial-services/