In Angela Lenderink-Woods v Zurich Assurance Ltd [2016] EWHC 3287 (Ch), the Court awarded damages to an investor equivalent to the impact of charges on the value of investments when advice held to be incorrect was given recommending those investment arrangements. Although the decision is highly fact-specific, there are some points of more general interest. […]

Couple lost £43k in 18 months on £700k investment as banking crisis emerged A judge has rejected a couple’s claim their adviser breached a continuing duty of care to them by failing to “correct” his original recommendation of a medium risk portfolio following the onset of the 2008 market crash. Judge Andrew Keyser QC ruled […]

The FCA has fined Santander UK Plc (Santander) £12.4 million (including a 30 per cent discount) for failings related to financial advice. The FCA found that Santander breached Principles 7 and 9 of the FCA’s Principles for Businesses for failing to ensure that customers received suitable advice, that certain investments were reviewed to ensure that […]

Axa Wealth Services (Axa) was today fined £1.8m for giving poor investment advice to elderly and inexperienced customers, even though only 82 people complained. So what went wrong? The Financial Conduct Authority (FCA) found in a review that poor investment advice at three regional branches of Axa’s bancassurance business led vulnerable investors to buy products […]

The Financial Conduct Authority (FCA) has fined Axa Wealth Services £1.8m for failing to ensure it gave suitable investment advice to its customers. The FCA said the firm’s failings put a “significant number” of customers at risk of buying unsuitable products. In addition to the fine, Axa has agreed to contact all customers who may […]