The Complaints Commissioner has rejected a complaint from a consumer that the Financial Services Authority (FSA) failed to adequately monitor his financial adviser, who he claimed had given him unsuitable advice.
The complainant claimed to have lost a "considerable amount of money" as a result of the failures, pointing out the adviser's poor record keeping and working practices. However, rejecting the allegations, Complaints Commissioner Sir Anthony Holland said the complainant had failed to present evidence to show that the losses incurred were the result of supervisory failures, rather than poor investment performance. He said: "I must point out that the use of a financial adviser to make an investment does not guarantee (my emphasis) that investment decisions will result in a gain or profit...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes