A client who told an advice firm they would have a “dickie fit” when they heard what he wanted to invest in has successfully brought a case to the Financial Ombudsman Service (FOS) against the firm.
Pannells Financial Planning, which has nine offices around the UK, has been asked to compensate a client, known as Mr O, for unsuitably recommending he transfer his investments to another platform. Mr O, who split his time between the UK and Spain, set up his pension plan through Phoenix in September 2008 and started drawing benefits from the plan in 2009. He signed an agreement in 2016 with Pannells to receive ongoing advice from them and in 2017 he sought advice from the firm about his pension, explaining which funds he wanted to invest in. In a letter to Pannells, Mr O said: "I ...
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