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: The advice profession is getting bigger, but is it getting better?

News editor's view: The advice profession is getting bigger, but is it getting better?

The news editor's Friday Night Takeaway from 11 September

Isabel Baxter
clock 11 September 2026 • 3 min read
Feel Good Friday: Rosemount renews mental health partnership for advisers

Feel Good Friday: Rosemount renews mental health partnership for advisers

Supporting The Global Returns Project, Grief Encounter, FoodCycle and Verve Foundation

Professional Adviser
clock 11 September 2026 • 1 min read
Is compliance the hidden driver of business value and saleability?

Is compliance the hidden driver of business value and saleability?

'The reality is simple - buyers will pay more for certainty'

Paul Bruns
clock 09 September 2026 • 7 min read