Client loses £1m but is unable to get full compensation

The client in question is said to have been given poor advice 10 years ago by an IFA who was at the time managing director of his own firm, but then discovered earlier this year he had been badly advised about action taken on his investments and losses were calculated at £1m. This firm was then de-authorised by the FSA and the adviser later joined a national firm six months later, taking his client bank with him. However, when the client complained, he was informed his former IFA was no longer responsible because it was his old firm which gave the advice and the firm had been de-autho...