Ascot Lloyd ordered to refund client's ongoing fees

The national advice firm was ordered to refund ongoing fees charged throughout a three-year period after the ombudsman found the firm should have been clearer in its communications. The case centres on that of a former client, referred to as Mr R, who complained he was not receiving a service despite being charged on an ongoing basis. In December 2020, the FCA highlighted concerns that clients were paying ongoing advice fees that "they do not need" with evidence that advisers were clustering charges. The regulator had assessed the issue in its evaluation of RDR and FAMR, finding an...