London advice firm told to pay compensation over ongoing fees

Advice started in 2010

Sophie King
clock • 2 min read

North West London-based advice firm Strategic Financial Solutions (SFS) has been told to pay compensation by the Financial Ombudsman Service (FOS) following a disagreement with a client over ongoing charges.

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...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Tessa Lee: The invisible cost of poor client data

Tessa Lee: The invisible cost of poor client data

How can you improve data quality?

Tessa Lee
clock 23 July 2026 • 4 min read
Dean Proctor: Hopes and fears for the new PM and cabinet

Dean Proctor: Hopes and fears for the new PM and cabinet

Stability, simplicity and the chance to do things differently

Dean Proctor
clock 23 July 2026 • 5 min read
Should spousal maintenance be abolished? A modern perspective

Should spousal maintenance be abolished? A modern perspective

Making the case for abolition and retention

Amy Walpole and Karen Brennan
clock 22 July 2026 • 4 min read