If you are going to give negligent advice, just make sure it isn't too negligent - that way you might not have to compensate your client.
That is a cynic’s conclusion reached from a pair of provisional decisions published by the Financial Ombudsman Service (FOS) last week. Two advisers (read about the first HERE, the other HERE) that invested clients in Keydata bonds were found to have given unsuitable advice, but only one is likely to have to pay redress. The reason for this seems to be that, while one IFA “completely disregarded” (in the opinion of the ombudsman) the interests of his clients and recommended they invest £60,000 in one of the bonds, the other did consider their interests and ultimately recommended his c...
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