Network takes another hit over UCIS mis-selling

In a Financial Ombudsman Service (FOS) final ruling seen by IFAonline the IFA network is found to have given unsuitable advice in 2007 to a woman to invest £20,000 in the Stirling Mortimer No 4 fund Cape Verde. The ombudsman ruled the Stirling Mortimer fund carried risks "in excess of what [the investor's] circumstances and requirements suggest would have been acceptable". The No 4 Cape Verde fund has been beset with problems, including heavy falls in the value of the fund after Stirling Mortimer struggled to find buyers for the luxury properties it invested in following the global fi...