TenetConnect to compensate client despite belief it did not offer advice

'Client had no pensions expertise’

Julia Bahr
clock • 3 min read

The Financial Ombudsman Service (FOS) has sided with a client who claimed that adviser firm TenetConnect failed to give her suitable advice.

Mrs L, as named by the ombudsman to protect her identity, said the firm advised her to surrender a personal pension plan (PPP) to raise capital that she wanted for a property investment. She claimed this was unsuitable as it caused her to pay tax that could have been avoided by using other investments.  The adviser firm said that Mrs L had received clear information by Aviva, her provider, regarding the tax that would be applied should Mrs L surrender her PPP.  TenetConnect also said it could not find a suitability letter or fee agreement between Mrs L and their appointed representati...

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