Adviser faces Ombudsman nightmare in 'highly significant' case

In what has been hailed as a "highly significant ruling" for advisers, the Financial Ombudsman Service (FOS) has squarely placed the responsibility on firms to ensure they build in processes to deal with potential communication issues with third-party providers. Last December, Merseyside-based Tailored Financial Planning (TFP) found itself on the hook for more than £116,000 plus investment losses after a lapse in communication regarding a letter confirming advice had been sought saw a client's pension transfer value plummet. Adding to the business' woes and bill, its professional inde...