The Financial Ombudsman Service (FOS) has told Oracle Consultants to pay back a client with additional compensation after it failed to refund fees following a widow's complaint.
Mrs B and her husband, kept anonymous by the ombudsman, held investments that were managed by an IFA. However, in 2018, these investments were transferred to Oracle without Mr and Mrs B's authorisation. The couple requested Oracle to stop the management of their investments. In 2020 Mrs B received a letter from another company associated with Oracle acknowledging they had been unable to get in contact with her after her husband's passing. Mrs B made clear she did not want Oracle to manage their investments, the ombudsman said, and asked the firm to calculate the fees that had been de...
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