FOS rules IFA must repay £150k in UCIS case

The adviser, Peter Morris, recommended the client invest the money in the Stirling Mortimer No 4 Cape Verde fund in 2007. Further investments of £52,000 and £28,000 were made into the fund at later dates. The fund has been beset with problems, including heavy falls in its value after Stirling Mortimer struggled to find buyers for the luxury Cape Verde -based properties it invested in following the global financial crisis. According to Morris, the client scored himself as a nine on a scale of one-to-ten scale when asked ‘how speculative are you prepared to be when considering investmen...