But the ombudsman still agreed with the adjudicator.
Mr Moss said: “I’ve seen no persuasive evidence to indicate that the adviser fully explored Mr and Mrs F’s attitude to risk by, for example, using a risk-based questionnaire.
“I don’t believe his subsequent recommendations' letter satisfactorily explains the significant risk to their capital of a medium or balanced risk investment [or that it] was appropriate to recommend anything which posed more than a small risk to a modest percentage of their capital.”
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