Upheld: failure to provide ongoing advisory service; breach of ongoing advice charge obligations complaint against Anglo International Group Ltd
Financial Ombudsman decision DRN-6349337 of 2026-05-14T00:00:00+00:00. failure to provide ongoing advisory service; breach of ongoing advice charge obligations complaint against Anglo International Group Ltd. Outcome: Upheld.
Decision detail
| Reference | DRN-6349337 |
|---|---|
| Decision date | 2026-05-14T00:00:00+00:00 |
| Firm | Anglo International Group Ltd |
| Product | pension |
| Claim type | failure to provide ongoing advisory service; breach of ongoing advice charge obligations |
| Outcome | Upheld |
| Remedy | AIG must refund all ongoing advice charges deducted since January 2019, plus a return on those fee amounts calculated using either the actual performance of Mr K's pension or, if unavailable, the FTSE UK Private Investors Income Total Return Index. Compensation should be paid into Mr K's pension if possible, or as a lump sum with a 15% notional tax reduction if not. AIG must also pay £150 for distress and inconvenience. Interest at 8% per year simple applies if compensation is not paid within 28 days of AIG's notification of acceptance. |
Summary
Mr K paid ongoing advice charges to AIG from 2019 for annual suitability reviews of his pension investments. AIG had committed in its November 2018 recommendation letter to review the pension arrangements annually to ensure investments continued to meet his objectives and attitude to risk. However, AIG only conducted one attitude to risk assessment in June 2018 and one fact-find in January 2019, and thereafter made investment changes based on market conditions rather than reassessing Mr K's personal circumstances. When Mr K complained in July 2025 about not receiving reviews, AIG admitted it had not provided reviews in 2023 and 2024 but offered only partial refund. The ombudsman upheld the complaint, finding AIG had failed to deliver the service Mr K paid for, and ordered full refund of all OACs since January 2019 plus growth, plus £150 for distress and inconvenience.
The Ombudsman's reasoning
The ombudsman established that AIG had contractually committed to reviewing the ongoing suitability of Mr K's pension investments annually, ensuring they continued to meet his objectives and attitude to risk. This service could not reasonably be provided without understanding Mr K's current circumstances and attitude to risk at each review. The evidence showed AIG only conducted one attitude to risk assessment in June 2018 and one fact-find in January 2019, and thereafter made investment adjustments based solely on market conditions rather than reassessing Mr K's suitability. The ombudsman rejected AIG's argument that it was reasonable to expect Mr K, as a layperson, to proactively inform AIG of changes in circumstances, placing this burden on the consumer rather than the expert adviser. Therefore, AIG failed to deliver the service Mr K was paying for.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Anglo International Group Ltd, all decisions | 1 | 100% |
Source
Read the original decision on the Financial Ombudsman Service website