A former IFA has lost his challenge to overturn the Financial Ombudsman's ruling that he had given a client unsuitable pension advice, which ordered him to pay almost £50,000 in compensation.
John Calland's application to overturn the ombudsman's ruling - accusing him of giving unsuitable advice and ordering him to pay compensation to his former client, Mr Fairweather - was quashed by the High Court on 21 May. The court's ruling means that Lincolnshire-based Calland, former principal of Calland Insurance & Mortgage Services, will need to pay almost £50,000 in compensation to Fairweather for advising him to take out a personal pension rather than join the workplace scheme offered by his employer back in 1992. Calland lodged his appeal on the grounds that the ombudsman's rul...
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