Ombudsman rulings threaten active fund advice

The adviser, who has a sizeable practise based in the north of England, has begun to shun active managers for passive funds after the Ombudsman upheld complaints based on underlying investment performance. “The Ombudsman is out of control as it is upholding these complaints on any reason it can find,” the adviser says. “It seems to think its view on asset allocation and fund selection is superior to that of an adviser – who may have a lot of qualifications and many years experience. “Why would you recommend active funds when the Ombudsman will just uphold complaints that initially ...