Upheld: failure to provide ongoing advice service; breach of ongoing adviser charge regulations complaint against PPA Wealth Ltd
Financial Ombudsman decision DRN-6160206 of 2026-04-21T00:00:00+00:00. failure to provide ongoing advice service; breach of ongoing adviser charge regulations complaint against PPA Wealth Ltd. Outcome: Upheld.
Decision detail
| Reference | DRN-6160206 |
|---|---|
| Decision date | 2026-04-21T00:00:00+00:00 |
| Firm | PPA Wealth Ltd |
| Product | pension |
| Claim type | failure to provide ongoing advice service; breach of ongoing adviser charge regulations |
| Outcome | Upheld |
| Remedy | PPA Wealth must: (1) refund all ongoing adviser charges accepted from Ms B's pension, adjusted for growth as if fees had remained invested in the RL governed portfolio 4 from payment date to final decision date; (2) pay compensation into Ms B's pension plan if possible, adjusted for tax relief and charges, or directly to Ms B with a 20% notional tax reduction (or 15% if tax-free lump sum available); (3) provide clear calculation details to Ms B; (4) pay £250 compensation for distress and inconvenience caused by failure to provide the paid-for service. |
Summary
Ms B invested pension funds received during a divorce with PPA Wealth in 2018 under an agreement for annual reviews and valuations at 0.65% per annum ongoing adviser charge. PPA Wealth claims it conducted one review in January 2019 but provided no evidence, and no further reviews occurred over the following six years. The firm invited Ms B to join its client portal in 2021 without explaining this was necessary to receive the ongoing service she was paying for. The ombudsman upheld the complaint, finding PPA Wealth failed to meet FCA regulatory requirements for ongoing adviser charges and breached its contractual obligations. The firm was ordered to refund all ongoing adviser charges with growth adjustment, plus £250 compensation for distress and inconvenience.
The Ombudsman's reasoning
The ombudsman found that PPA Wealth failed to meet FCA regulatory requirements for ongoing adviser charges. The firm had a clear contractual obligation to provide annual reviews with Ms B, stating 'we drive client contact'. PPA Wealth's claim that it was merely 'on hand' if Ms B needed it contradicts the specific agreement for annual reviews and is incompatible with FCA requirements for ongoing charges. The firm failed to demonstrate it had robust systems to deliver the service and did not clearly communicate that joining the client portal was essential for receiving the paid-for service. Even if a review occurred in January 2019, it was premature and offered little value, and no reviews occurred thereafter.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| PPA Wealth Ltd, all decisions | 1 | 100% |
Source
Read the original decision on the Financial Ombudsman Service website