Awful Choice of IFA?

[bad company]

This is a sad tale. I really can't understand what the IFA was thinking:-

http://www.thetimes.co.uk/edition/money/our-financ...

[Ginge R]

Read that earlier. All of their money (it seems) into one high risk and more importantly, one unregulated fund and when they were cautious. Awful. Nothing that doesn't happen every day, but made worse by the fact they trusted a company, which, it seems, aligned the client with its bank balance. The advice was driven by the adviser's remuneration, not by principle.

[PurpleMoonlight]

Paywall.

[bad company]

Ginge R said:

Read that earlier. All of their money (it seems) into one high risk and more importantly, one unregulated fund and when they were cautious. Awful. Nothing that doesn't happen every day, but made worse by the fact they trusted a company, which, it seems, aligned the client with its bank balance. The advice was driven by the adviser's remuneration, not by principle.

Isn't there a mechanism for an IFA to be struck off in such cases?

[Ginge R]

Ultimately, yes. It'd depend on the circumstances of the case.

[AnimalMother]

Read this yesterday, shocking!

[C0ffin D0dger]

Thought the one we used to use was bad!

Hope they get their money back, really bad advice given, although I do err on the side of buyer beware - they should have known / researched what they were getting into and said no.

[bad company]

C0ffin D0dger said:

they should have known / researched what they were getting into and said no.

That's what they were playing the IFA for.