Not upheld: suitability report errors, inadequate disclosure, poor communication complaint against Ascot Lloyd Limited

Decision detail

Summary

Mr S complained about errors in a suitability report issued by Ascot Lloyd following an investment review, including inaccurate statements attributed to him, inadequate fee communication, and potentially incomplete fund information. Ascot Lloyd acknowledged the report could have been better written and attributed errors to template use, but Mr S rejected this explanation and sought detailed corrective actions. The ombudsman found shortcomings in Ascot Lloyd's service but determined the apologies and explanations were sufficient because Mr S did not accept the recommendations, suffered no financial loss, and the relationship had broken down to an irrecoverable point.

The Ombudsman's reasoning

The ombudsman acknowledged shortcomings in Ascot Lloyd's service, including inaccuracies in the suitability report, poor communication about fees, and potentially incomplete information about fund costs. However, the ombudsman found that Ascot Lloyd's apologies and explanations were reasonable and sufficient because: (1) Mr S did not accept the recommendations and suffered no financial loss; (2) the firm passed feedback to relevant departments indicating it took concerns seriously; (3) the relationship breakdown appeared irrecoverable and further action would not resolve it; and (4) the ombudsman's role is to address financial detriment, not to punish service failings or direct firm processes.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website