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

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...