Partially upheld: failure to deliver ongoing advice service / breach of service agreement complaint against Evolution FS Ltd trading as Evolution Financial Services
Financial Ombudsman decision DRN-6169032 of 2026-04-14T00:00:00+00:00. failure to deliver ongoing advice service / breach of service agreement complaint against Evolution FS Ltd trading as Evolution Financial Services. Outcome: Partially upheld.
Decision detail
| Reference | DRN-6169032 |
|---|---|
| Decision date | 2026-04-14T00:00:00+00:00 |
| Firm | Evolution FS Ltd trading as Evolution Financial Services |
| Product | pension |
| Claim type | failure to deliver ongoing advice service / breach of service agreement |
| Outcome | Partially upheld |
| Remedy | Evolution FS must refund OACs for the periods June 2021 to May 2022 and June 2023 to May 2024, calculated with lost investment returns using the FTSE UK Private Investors Income Total Return Index benchmark. Compensation should be paid into Mrs S's pension plan if possible (accounting for charges and tax relief), or directly to her with a 20% notional tax reduction (or 15% if tax-free lump sum available). Evolution FS must also pay £150 directly to Mrs S for distress and inconvenience. All compensation must be paid within 28 days with 8% simple interest per annum if delayed. |
Summary
Mrs S complained that Evolution FS failed to deliver annual reviews of her pension despite paying ongoing advice charges of 0.6% per year from May 2020 to June 2025. She claimed she received only one review over five years. The ombudsman found that while reviews were properly conducted in 2021 and 2023, and offered in 2025, Evolution FS failed to deliver the service in 2022 (providing only pension reports) and 2024 (providing no service). The ombudsman partially upheld the complaint, directing Evolution FS to refund OACs for 2022 and 2024 with lost investment returns, plus £150 for distress and inconvenience caused.
The Ombudsman's reasoning
The ombudsman applied the FCA's February 2025 guidance on ongoing advice services. For 2021, although late, a review did occur and was retained. For 2022, Evolution FS failed to conduct a formal review meeting; merely providing pension provider reports in response to a query did not meet the contractual obligation. For 2023, a proper review meeting took place with meeting notes and pre-meeting report, satisfying the obligation. For 2024, Evolution FS acknowledged no review occurred and offered no reasonable excuse (Mr S's employment should not have affected Mrs S's retail client rights). For 2025, Evolution FS made reasonable and proportionate attempts to engage Mrs S, who consciously declined to respond, so no refund was due. The ombudsman awarded £150 for distress and inconvenience caused by the failure to deliver paid-for services.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Evolution FS Ltd trading as Evolution Financial Services, all decisions | 1 | 50% |
Source
Read the original decision on the Financial Ombudsman Service website