"I therefore consider that, in effect, the client received a single piece of advice, albeit made up of a number of different elements. On the same reasoning as in the above case, as one element of the advice is the responsibility of Tenet then it is also responsible for the whole of the advice.
"The advice to surrender the original personal pension is advice that Tenet is responsible for. The Sipp advice and share advice is sufficiently close to the activity for which actual authority was given to mean that all of the advice is the responsibility of Tenet."
The client was advised to switch his personal pension to a Sipp for the purpose of investing in unlisted securities, Mr Stubbs said, and Tenet is responsible for the "suitability of all this advice".
The ombudsman ordered Tenet to calculate what the present value of the client's original pension would have been if he hadn't transferred, and instructed it to now pay into the Sipp to increase its value to this amount.
The ombudsman also awarded the client £250 for the upset caused by losing the majority of his pension provision.
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