The Financial Ombudsman Service (FOS) has made public seven of its decisions - and how it arrived at them - following complaints from consumers who claimed they were recommended an investment product that carried a level of risk inappropriate for them.
It said the following case studies illustrate how it goes about calculating redress - which is why most of the complaints are found in favour of the consumer. Complaint #1 Consumers said they wanted low-risk investments only, but were advised to invest in high-risk funds Mr and Mrs A had a dog grooming business. They were both in their late sixties and wanted to retire - so they had a look at their finances to see whether they could afford to stop working. They decided that they needed to find a way of topping up their pensions - and that one way of doing so was to release some e...
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