23/11/2011 - FOS Landmark Arch Cru Decision Against IFA
FOS Landmark Arch Cru Decision Against IFA.
According to ombudsman Tony Boorman, he upheld the complaint on the basis that the recommendation to invest in Arch cru was not suitable for the clients’ individual circumstances and has ordered the adviser to pay redress.
In his provisional decision, the ombudsman acknowledged that the Investment Management Association classed the fund as cautious managed, but stated that the IFA should have known this was not the same as ’low risk’.
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