As a result, Ms Dawes ruled investment in the governed portfolio fund was unlikely to have taken place if contact had been made with Mr T at any point from Autumn 2015 and during 2016.
She said: "I cannot conclude with enough certainty that Hanson Wealth Management’s change of advisers and lack of contact led to Mr T being disadvantaged. I am satisfied that throughout this period Mr T would have been aware that the switch out of the cash fund hadn’t taken place.
"If Mr T had decided to make this switch or wanted advice about the timing of the move back into the market I consider it is reasonable to have expected him to make greater efforts to ensure this happened.
"As he didn’t, my conclusion is that Mr T was happy to remain in the cash fund."
The ombudsman ruled Hanson should just refund its annual fee of £208 plus pay Mr T £100.
emma.hughes@ft.com
