“It’s also clear, in my view, that her late husband’s estate had not been resolved, something which appears to have left Mrs G with significant liabilities. There is no evidence that the adviser explored this issue.
“Clearly, this would have been crucial to have got a full picture of her finances.”
He also said Mrs G was not in a position to fully understand her financial situation going forward and the adviser failed to recognise this uncertainty which meant it would be difficult to make decisions on such a large amount of her capital.
But Mr Moss did agree it would have been reasonable to recommend she invest a small proportion of her capital in a cautious risk product.
Therefore, he ordered Springfield to put Mrs G as close to the position she would be in now if she had not been given unsuitable advice.
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