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

‘Poor service’

clock • 3 min read

The Financial Ombudsman Service (FOS) has sided with a client who complained he was not informed of changes to the management of his self-invested personal pension (SIPP after his IFA was bought by consolidator AFH Independent Financial Services.

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...

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