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

Advisory businesses must 'step up' to attract and retain new blood

Advisory businesses must 'step up' to attract and retain new blood

Clearer pathway to profession needed

Jenna Brown
clock 04 February 2026 • 3 min read
Advice buy-side models have 'clear conflict of interest'

Advice buy-side models have 'clear conflict of interest'

SBG’s Cherrington on common pitfalls and a valuations ‘peak’

Isabel Baxter
clock 04 February 2026 • 5 min read
One in five consider financial advice to deal with turbulent times

One in five consider financial advice to deal with turbulent times

Almost a fifth of people are newly considering getting financial advice to help them feel more confident amid a less predictable, more uncertain world, according to research.

clock 03 February 2026 • 3 min read