The Financial Ombudsman Service (FOS) has ruled against an adviser who recommended clients invest in cells of the Stirling Mortimer fund range.
In a series of documents issued by the FOS and seen by IFAonline's sister title, Investment Week, the Ombudsman ruled the advice to invest in a number of the Stirling Mortimer cell funds was inappropriate. Delivering its decisions, the FOS told the IFA firm to reimburse its client, putting them back in the position they would have been in if they had not been advised to invest in Stirling Mortimer. The rulings focus on the No 7 Cape Verde II fund and the No 8 UK Land fund. The FOS said: "Both Stirling funds were subject to illiquidity given the associated risks of the underlying ma...
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