Ombudsman backs Intrinsic over adviser status

The firm recorded that the main purpose of the investment was to “obtain potentially greater growth than you will currently receive in either the bank or building society”, the minimum term of the investment was ten years and access to the capital was required “for any future business ventures that we may undertake”.

Because regular switches took place, the ombudsman questioned how the adviser could have thought they were warranted so early in what was (according to the records) a long term investment, where funds are normally to be held for years and not months, so as to even out any volatility.

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