The Man Who Gambled Away His Pension
Channel: Risk On Investor
Date: 2024-03-04

Mentioned in the video:
Read the newsletter
https://risk-on-investor.ck.page/posts 

FT Advisor articles:
https://www.ftadviser.com/sipp/2024/01/22/pensioner-urges-hargreaves-to-create-safeguards-after-he-gambled-away-sipp/
https://www.ftadviser.com/pensions/2024/02/08/do-diy-sipps-pose-a-gambling-risk-to-vulnerable-customers/
FOS Decision notice:
https://www.financial-ombudsman.org.uk/decision/DRN-3768596.pdf 


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Welcome to the Risk on investor channel! 

I’m on a mission to build a £1m portfolio and you’re invited to come along for the ride. On the channel I will be sharing what works for me and what doesn’t as I hustle my way to the target. 

I want to share the sad story of a man who gambled away his pension in todays video. 

Mr M was found to have a gambling addiction and claims that Hargreaves Lansdown should have provided better protection for him as a vulnerable user of the service. The Financial Ombudsman Service (FOS) turned this claim and further claims about access to his pension down, but it did leave me wondering – have we gone too far with pension freedom?

Timestamps:
0:00 Introduction
0:49 Longer version of story
1:04 Where the data comes from
1:44 The story
3:46 History of SIPPs
5:37 Will we see more stories like this?
6:58 Should there be more protections on SIPPs
8:26 Should we go to pre-pension freedoms?
9:07 My thoughts

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DISCLAIMER: RiskOnInvestor (Chaz) does not provide financial, investment, tax, or legal advice. None of the content on the RiskOnInvestor channel is financial, investment, tax, or legal advice and should not be taken as such; the content is intended only for educational and entertainment purposes. RiskOnInvestor (Chaz) shares some of his trades as learning examples but they are only relevant to his specific portfolio allocation, risk tolerance & financial expertise, may not constitute a comprehensive or complete discussion of such topics, and should not be emulated. The content of this video is solely the opinion(s) of the speaker who is not a licensed financial advisor or registered investment advisor. Kindly use your judgment and do your own research at all times. You are solely responsible for your own financial, investing, and trading decisions.
#pension #investing #investingforbeginners #investingeducation #investment #retirementplanning