Financial Ombudsman rules against M&G Wealth Advice in mis-selling complaint

Retired couple awarded compensation after losing £12,000

Sahar Nazir
clock • 2 min read

The Financial Ombudsman Service (FOS) has upheld a complaint against M&G Wealth Advice, finding that the investment advice provided to clients named as Mr and Mrs O was unsuitable given their circumstances and risk tolerance.

The decision requires M&G to compensate the couple for losses incurred due to the advice. Mr and Mrs O, both 61 and retired, were advised by an M&G financial adviser in August 2021 to invest approximately £80,000 into ISAs and £15,000 into a joint open-ended investment company (OEIC). The investments were made with the goal of outpacing inflation. However, by September 2023, the couple had surrendered the investments after suffering a loss of approximately £12,000. Dissatisfied with the investment performance, they lodged a complaint with M&G, which defended its advice as suitable and...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

News editor's view: What I've learnt from ambitious young women in advice

News editor's view: What I've learnt from ambitious young women in advice

To mark International Women’s Day this year, I wanted to shine a light on the young female talent out there in the advice profession.

Isabel Baxter
clock 06 March 2026 • 4 min read
Give to Gain: Why lifting women lifts the entire financial sector

Give to Gain: Why lifting women lifts the entire financial sector

Sharing time, knowledge and opportunity creates meaningful change

Steph Willcox
clock 06 March 2026 • 4 min read
Acting on, not just celebrating International Women's Day

Acting on, not just celebrating International Women's Day

'At my firm, we are walking the talk through a number of practical initiatives'

Fiona Oliver
clock 06 March 2026 • 4 min read