Adviser put third of 90-year-old's investment into Keydata

FOS' adjudicator says the £44,000 investment in a Keydata Secure Income Plan, approximately 31% of the elderly widow's retirement fund, was not "sensible advice". He also rules the investment was unsuitable because the "arrangement is complex and sophisticated" , and the 90 year-old or her son who legally took advice on her behalf would have had "difficulty appreciating the risks involved in this arrangement". FOS recommends the unnamed IFA pay the woman compensation of her orignal investment, less any income received, plus compound interest at Bank base rate from the date of the inve...