Financial Ombudsman rules against M&G Wealth Advice in mis-selling complaint

Retired couple awarded compensation after losing £12,000

Sahar Nazir
clock • 2 min read

The Financial Ombudsman Service (FOS) has upheld a complaint against M&G Wealth Advice, finding that the investment advice provided to clients named as Mr and Mrs O was unsuitable given their circumstances and risk tolerance.

The decision requires M&G to compensate the couple for losses incurred due to the advice. Mr and Mrs O, both 61 and retired, were advised by an M&G financial adviser in August 2021 to invest approximately £80,000 into ISAs and £15,000 into a joint open-ended investment company (OEIC). The investments were made with the goal of outpacing inflation. However, by September 2023, the couple had surrendered the investments after suffering a loss of approximately £12,000. Dissatisfied with the investment performance, they lodged a complaint with M&G, which defended its advice as suitable and...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Leveraging client data to reassure during uncertain times

Leveraging client data to reassure during uncertain times

Advisers must make use of personalised insights during market turbulance

Louis Williams
clock 14 May 2025 • 4 min read
FCA non-financial misconduct scrutiny puts pressure on advisers to confront culture

FCA non-financial misconduct scrutiny puts pressure on advisers to confront culture

Macfarlanes warns advice firms to prioritise misconduct and whistleblowing frameworks

Sahar Nazir
clock 13 May 2025 • 2 min read
PA360 2025: The day in pictures

PA360 2025: The day in pictures

Professional Adviser's flagship conference returned to London this month

Professional Adviser
clock 13 May 2025 • 1 min read