The Financial Ombudsman Service (FOS) has ruled against an adviser who recommended clients invest in cells of the Stirling Mortimer fund range.
In a series of documents issued by the FOS and seen by Investment Week, the Ombudsman rules the advice to invest in a number of the Stirling Mortimer cell funds was inappropriate. Delivering its decisions, the FOS told the IFA firm to reimburse its client, putting them back in the position they would have been in if they had not been advised to invest in Stirling Mortimer. The rulings focus on the No 7 Cape Verde II fund and the No 8 UK Land fund. The FOS said: "Both Stirling funds were subject to illiquidity given the associated risks of the underlying markets. "The risks of bo...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
