London advice firm told to pay compensation over ongoing fees

The client, referred to by the ombudsman as 'Mr W,' complained he was not provided with enough information about how charges would be applied to three consecutive annual £30,000 lump-sum investments he made with Skandia (now Old Mutual) after receiving advice from SFS. Mr W said he did not think the advice given to him by SFS was in his best interests, suggesting the charges were 25% higher than he was led to believe and were not discussed in enough detail. He added that he raised concerns about the charges at the time. The ombudsman's adjudicator, who had a first look at the case, co...