Fos accuses adviser of trying to justify advice with hindsight

“I am not persuaded that the suitability letter adequately explained to Mr S the advantages and disadvantages of the various options open to him. In particular, I cannot see evidence to show that an annuity option was discussed. 

“I appreciate that Singer now says that was because at the time Mr S did not indicate that he wanted to consider one because he was not interested in ‘risk free investments’. 

“But in my view, it was for Singer to set out all the options available to Mr S; it was not for him to discount one or more of the options without Singer demonstrating that Mr S understood the option he was discounting. 

“Without evidence that annuities were discussed, I am not persuaded that Singer fulfilled its obligation to Mr S in this respect. 

“I have concluded that suitable advice would have been to buy an annuity. 

Singer Financial Trust was ordered to compensate Mr S and return him to the position he would be in now but for the unsuitable advice. 

The adviser must also pay Mr S £200 for the trouble and upset caused.