FOS rules On-Line Partnership liable for AR's off books advice

The case revolves around a complaint made against IFA Clearwater Financial Consultancy - later called Aston Court Chambers Wealth Management - about "unsuitable" advice it gave in 2007, when it was an AR of On-Line. The client was advised to invest £150,000 of her pension fund into unregulated collective investment scheme (UCIS) Global Vision International Property fund via a James Hay self-invested personal pension (SIPP). The Prime Locations fund, of which Global Vision was a cell, was delisted from the Channel Island Stock Exchange in 2011. Prime Locations reported a loss of $3.7m ...