Client not informed DFM service ceased after IFA bought by consolidator AFH - ombudsman

Mr B, kept anonymous by the ombudsman, claimed he unknowingly stopped receiving his DFM services after his IFA was sold to AFH. In 2017, Mr B was advised by his IFA to transfer several of his personal pensions into a SIPP. The SIPP was held by one provider, but a discretionary fund management (DFM) service was provided by a different company. In 2018, the client's IFA firm was bought by AFH and his IFA transferred over to AFH in January 2018. Mr B was offered AFH's interim advisory service and told his IFA would provide him with further details of AFH's available service propositio...