Balancing expectations can be a tricky business; with a new client in the door, one of the first things to tick off the list is a risk assessment and a promise to thereafter take responsibility for the category of investment they recommend, keeping to client expectations.
However the grey area stands where a provider also risk profiles an investment vehicle and sends out literature that can be, and indeed has been, misleading for IFAs that do not delve deeper into what is behind the information provided. Taking this into account, the balance of responsibility of risk has always fallen on the side of the adviser not provider. However this question of who is to blame when things start to take a turn for the worse has been thrown up into the air. A settlement in court found that the provider, in this case Standard Life, was at fault and is responsible ...
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