IFA ordered to redress client in Stirling Mortimer ruling

An adviser who recommended a client invest most of his pension savings in an offshore property fund has been told to purchase his client's investments and compensate him following a ruling by the Financial Ombudsman Service (FOS).

The FOS wants Peter Morris, of Swansea-based Peter Morris & Co, to restore his customer to the position he would have been in had he received good advice. This will include interest due on the investments at a rate of 8% per annum. The client had complained - via law firm Regulatory Legal - about the advice he received to invest in the Stirling Mortimer No. 4 Cape Verde fund in 2008. This involved a recommendation to transfer his four pension policies - worth an estimated total of almost £45,000 - into two self-invested personal pensions, with both then invested entirely in the Sti...