'You'll have a dickie fit': Client warned adviser about investments amid 'unsuitable' platform switch

FOS decision

clock • 3 min read

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 ...

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

Advisers who look to psychographic traits can go the 'extra mile'

Advisers who look to psychographic traits can go the 'extra mile'

‘Fast growing advice firms are considering client behaviours and values’

Isabel Baxter
clock 12 July 2024 • 1 min read
The Adviser Incubator: Meet graduate Rebecca Penny

The Adviser Incubator: Meet graduate Rebecca Penny

An inside look at The Verve Foundation’s programme

Hope Coumbe
clock 12 July 2024 • 6 min read
Court date set for 'finfluencers' following FCA crackdown

Court date set for 'finfluencers' following FCA crackdown

Trials have been scheduled after the FCA charged nine individuals

Sahar Nazir
clock 12 July 2024 • 1 min read