Close Asset Management to compensate client for unwanted ongoing advice

Client invested £25,000 through DFM service

Close Asset Management has been ordered to compensate a client who was charged an ongoing advice fee after investing through the firm's discretionary management service.

Mrs V, whose identity is confidential for privacy reasons, complained to the Financial Ombudsman Service (FOS) claiming Close charged her for an advice service she did not want or need. In 2000, Mrs V invested £25,000 in a discretionary managed investment through Close and paid fees for the service, including an advice fee.  Close Asset Management is the parent company of investment manager and advice firm Close Brothers Asset Management. Close wrote to the Mrs V last year to say that as it had not been able to arrange a review meeting with her over the past few years, it would ass...