The Financial Ombudsman Service (FOS) has sided with St James's Place (SJP) after a client complained she was not protected ahead of the coronavirus pandemic market volatility and subsequently saw her portfolio drop by £150,000.
Ms E, kept anonymous by the ombudsman, claimed she lost £150,000 from her portfolio after her SJP adviser did not follow instructions to de-risk her portfolio in January 2020. The ombudsman did not uphold those claims but did award £500 for the trouble and upset caused by poor communication between adviser and client. In a similar decision recently covered by PA, the ombudsman ordered advice firm 2plan Wealth Management to pay compensation to a client who asked his adviser to liquidate his investments at the start of the pandemic over a fear of coronavirus-induced market volatility. Howe...
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