Adviser to compensate client after delay to escape Covid market volatility

Investments £2,500 down

clock • 4 min read
Adviser to compensate client after delay to escape Covid market volatility

The Financial Ombudsman Service (FOS) has sided with a claimant who requested his adviser, 2 Plan Wealth Management, disinvest him from the market at the beginning of the pandemic, for fear of coronavirus-induced market volatility.

The client, Mr S, claimed he experienced a delayed reaction that resulted in his investments falling further in value. In this unusual case, the ombudsman has ruled that, due to a mismatch between the...

To continue reading this article...

Join Professional Adviser

 

  • 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.
  • Tap into our community intelligence through our regular Pro Adviser poll.
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA removes all permissions from IFA firm after adviser convicted for child grooming

FCA removes all permissions from IFA firm after adviser convicted for child grooming

The company can appeal

clock 26 November 2021 • 2 min read
FCA streamlines decision-making process

FCA streamlines decision-making process

'Concern of procedural fairness'

clock 26 November 2021 • 2 min read
The FCA also purchased 307 Samsung phones and 39 iPhones

FCA pours £5m into laptops for hybrid working

Move follows watchdog's warning on remote working

Pedro Gonçalves
clock 26 November 2021 • 3 min read