An IFA has been ordered to repay a £7,400 upfront fee it received from a client who subsequently felt its recommendations were inappropriate, following a final decision from the ombudsman.
The Financial Ombudsman Service (FOS) ruled Chiltern Consultancy should reimburse the £7,392 fee plus interest to the unnamed client, as well as a total of £250 for inconvenience and distress caused, including by failing to provide promised advice on inheritance tax (IHT). The FOS ruling related to advice given to the client, a ‘Mrs A', by Chiltern in 2012. It charged 2% of her existing holdings, plus an annual charge, for recommending the transfer of her investments from her discretionary manager (DFM) to a platform to help meet her strong preference for ethical solutions. But aft...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
