FOS rules 2001 advice still in time for redress

The client made the complaint against Broadbent Mawson Financial Consulting about advice to take income drawdown and invest it in Sterling Mortimer Majestic Village No.3 property fund, an unregulated collective investment scheme. The FOS said it found "little to support" the view that the client had a "balanced" attitude to risk as Broadbent claimed, and found that income drawdown had been "inappropriate" and "unsuitable" as it represented too great a risk for the client. Also, the FOS ruled that while there was some evidence of a discussion about an annuity purchase this option had n...