Not upheld: General financial advice complaint against Quilter Financial Limited

Decision detail

Summary

Mrs F, represented by her daughter Miss S, complained to the FOS about advice and documentation received from Quilter Financial Limited in 2023 regarding investment consolidation. Miss S alleged Mrs F was pressured and intimidated into moving her investments and that the paperwork was unclear and misleading. Mrs F ultimately declined to proceed with Quilter's recommendations in July 2023. The ombudsman found the suitability report clearly explained the advice, benefits, risks, and costs, and email evidence showed Mrs F was satisfied with the service and expressed no concerns at the time. The ombudsman concluded there was no evidence of undue pressure and that Quilter treated Mrs F fairly by immediately accepting her decision not to proceed.

The Ombudsman's reasoning

The ombudsman found the suitability report clearly explained what was being recommended (surrender of existing bond and reinvestment in ISA and CIA), adequately explained benefits and risks, and clearly set out costs. Email evidence showed Mrs F was satisfied with the initial meeting and expressed no concerns at the time. When Mrs F declined to proceed, Quilter immediately accepted her decision without pressure. No evidence supported allegations of undue pressure, intimidation, or unclear documentation. Even if pressure had occurred, no advice was implemented and no financial loss resulted.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website