IFA denies responsibility after cold call from connected firm leads to unsuitable transfer

The unnamed client, Mr I, had complained to the FOS after being contacted by St Pauls Marketing - a soon-to-be appointed representative of Alexander David Securities - and advised to transfer his pension into water bond investments. Mr I, who had been cold called, was told by St Pauls Marketing he would be better off investing in water bonds. As such, he transferred approximately £14,900 to a self-invested personal pension (SIPP) in June 2015. Just over £14,000 of this was transferred to a discretionary fund manager and invested in Hydrology Debentures PLC. However, Alexander David Se...