Partially upheld: General financial advice complaint against Attivo Financial Limited
Financial Ombudsman decision DRN-5803344 of 2025-09-08T00:00:00+00:00. General financial advice complaint against Attivo Financial Limited. Outcome: Partially upheld.
Decision detail
| Reference | DRN-5803344 |
|---|---|
| Decision date | 2025-09-08T00:00:00+00:00 |
| Firm | Attivo Financial Limited |
| Product | Pension |
| Claim type | General financial advice |
| Outcome | Partially upheld |
| Remedy | Attivo must: (1) Refund OACs deducted from the first year's fee to the date of final decision, plus return on those fees calculated in line with actual performance of funds managed by Attivo (or using FTSE UK Private Investors Income Total Return Index as benchmark if performance data unavailable); (2) Pay compensation into Mrs G's SIPP if possible, or as lump sum to Mrs G with 15% notional tax reduction if SIPP payment not possible; (3) Pay £250 for distress and inconvenience caused; (4) Provide calculation details in clear, simple format; (5) Pay interest at 8% per year simple from date of final decision to date of settlement if compensation not paid within 28 days of notification of acceptance |
Summary
Mrs G complained to the FOS about Attivo Financial Limited regarding advice on her SIPP and failure to provide ongoing services. Attivo recommended investing in the Rathbone Greenbank Defensive Multi Asset portfolio in September 2021, which Mrs G accepted after expressing concerns about the new portfolio and requesting close monitoring in the first year or two. The ombudsman found the initial advice was suitable but upheld the complaint regarding ongoing service, finding that Attivo failed to proactively contact Mrs G after September 2021 despite creating an expectation of more frequent contact than the annual reviews specified in the fee agreement. Mrs G had to initiate contact in April 2022 and again in August 2023, having waited 15 months without hearing from Attivo. The ombudsman ordered Attivo to refund OACs charged after the first year plus lost investment returns, pay £250 compensation for distress, and provide clear calculation details.
The Ombudsman's reasoning
The ombudsman found that while the initial investment recommendation was suitable for Mrs G's circumstances, objectives and risk profile, Attivo failed to provide the ongoing service it had promised. Although the Private Client Agreement stated annual reviews would be provided, the adviser's statements in the September 2021 meeting about setting up periodic reminders and keeping a close eye on the portfolio in the first year or two created an overall impression that Mrs G would hear from Attivo more regularly than just at the annual review. This was particularly important given Mrs G's explicit concerns about her previous adviser letting things go and her clear statement that she wanted regular oversight. Attivo never proactively contacted Mrs G after September 2021, forcing her to initiate contact in April 2022 and again in August 2023. The ombudsman concluded that Attivo needed to refund OACs charged after the first year plus lost investment returns, and pay £250 compensation for distress caused.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Attivo Financial Limited, all decisions | 2 | 25% |
| General financial advice, all decisions | 4,578 | 36% |
| Pension, all decisions | 15,579 | 47% |
Source
Read the original decision on the Financial Ombudsman Service website