Complaint against FSA for poor IFA supervision rejected

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...