The Financial Ombudsman Service (FOS) has made a provisional ruling that a financial adviser working for AWD Chase de Vere was wrong to invest almost £80,000 of an 80-year-old's pension in failed fund Keydata.
The then-80-year-old man and his 77-year-old wife were recommended to invest £79,684 in a seven-year Keydata plan in 2007, after scoring four out of ten - or cautious to moderate approach to risk - on a risk rating. According to the FOS, to a professional financial adviser, the Keydata investments "would not and should not have been suitable for a cautious to moderate risk investor". "Indeed, given what was known, or should have been known about Keydata investments by the IFA at the relevant time, I have real doubt - given the opaque nature of the investments and the significant uncer...
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