Close Asset Management to compensate client for unwanted ongoing advice

Client invested £25,000 through DFM service

clock • 2 min read

Close Asset Management has been ordered to compensate a client who was charged an ongoing advice fee after investing through the firm’s discretionary management service.

Mrs V, whose identity is confidential for privacy reasons, complained to the Financial Ombudsman Service (FOS) claiming Close charged her for an advice service she did not want or need. In 2000, Mrs V invested £25,000 in a discretionary managed investment through Close and paid fees for the service, including an advice fee. Close Asset Management is the parent company of investment manager and advice firm Close Brothers Asset Management. Close wrote to the Mrs V last year to say that as it had not been able to arrange a review meeting with her over the past few years, it would assume ...

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 Regulation

Agile IT needed as rapid regulation change becomes the norm

Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

Paul Muir
clock 15 April 2024 • 6 min read
Leveling up the playing field when it comes to picking skilled persons

Leveling up the playing field when it comes to picking skilled persons

Given the prerequisite for accuracy, a rigorous selection process is essential

Richard Farr
clock 15 April 2024 • 4 min read
A practical way forward: Utilising hybrid to close the advice gap

A practical way forward: Utilising hybrid to close the advice gap

Will the FCA's advice/guidance review increase access to advice?

Chet Velani
clock 02 April 2024 • 6 min read