I write in reference to the story about Fos backing an adviser, following a complaint about a property investment (FTAdviser.com, 13 Nov).
I do not believe signatures are a sign of understanding, but the fact that the client’s ability to repay would have been played back many times should count for something; and he may well have been an experienced investor – but does anyone else think it is not good advice to get someone to borrow more money on a mortgage so it could be invested? I am shocked. I was taught that was a no-no many years ago. My view is that Fos has made much better decisions than this one; although if the point was that the way he was classified meant he had no Fos protections then that might be valid, but let us not all wander off now thinking the advice was all right. We also record these discussions so there is no confusion in the future.
Jane Hodges
Chief operating officer,
Alexander House Financial Services,
London
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