BrexitFeb 5 2018

Brexit saves adviser from heftier compensation bill

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Brexit saves adviser from heftier compensation bill
ByEmma Ann Hughes

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.