Not upheld: General financial advice complaint against Quilter Financial Services Limited

Decision detail

Summary

Mr G, a Quilter customer since 2015, complained via his legal representative that Quilter failed to provide the ongoing financial advice service he paid for at 0.7% of fund value annually. The complaint alleged inadequate annual reviews, unsuitable product recommendations, excessive exit fees, and improper risk assessments. Quilter did not respond within eight weeks, and the case was referred to FOS in March 2025. The ombudsman could only investigate events within six years of the complaint (2019-2021) due to jurisdiction rules. Quilter provided evidence of annual review letters, signed Authority To Proceed documents, and completed attitude to risk questionnaires for each disputed year, which the ombudsman found demonstrated adequate contact and consultation with Mr G. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman examined all available evidence as a whole to determine whether Quilter was in contact with Mr G during the disputed years. The presence of signed Authority To Proceed documents and completed attitude to risk questionnaires, which could only have been completed following consultation with Mr G, combined with annual review letters, persuaded the ombudsman on a balance of probability that Quilter had provided the annual review service it was contracted to provide. The ombudsman was satisfied that Quilter was in a position to verify Mr G's circumstances and the suitability of his pension investment, and had afforded him the opportunity to raise any changes in circumstances.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website