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21 September 2017 | Comment | Article by Neil Stockdale

Financial advisors exposing clients to higher risks

The Upper Tribunal Tax and Chancery Chamber has upheld the Financial Conduct Authority (FCA)’s decision to impose a fine and prohibition order on the director of two financial advice companies, after finding that he failed to exercise due skill, care and diligence.

Charles Anthony Llewellen Palmer was a director of both Financial Limited and Investments Limited. The two companies formed a network of financial adviser firms. The Upper Tribunal found that the firms failed to implement adequate systems and controls to manage risks and that their business models led to inappropriately high levels of risk for clients.

If you have taken advice from such a firm, you may have been negligently exposed to a greater risk than you were made to believe. If you were mis-sold a financial product or investment, such as an unregulated collective investment scheme (UCIS) or a mortgage, you could be entitled to compensation.

This is an example of the growing number of complaints against financial advisers. There are increasing numbers of claims against advisors who have recommended that their clients set up self-invested personal pensions (SIPPs) to invest in risky UCIS, or take out mortgages which they cannot afford.

If you feel that your financial advisor has given you negligent advice, you could be entitled to recover the losses you incurred as a result.

Visit our financial mis-selling page for more information and to get in touch for a free, no-obligation consultation.

Author bio

Neil Stockdale


Neil is head of the firm’s group actions and financial mis-selling teams, specialising in handling claims for financial mis-selling relating to energy contracts, pensions, investments and timeshares.

Disclaimer: The information on the Hugh James website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. If you would like to ensure the commentary reflects current legislation, case law or best practice, please contact the blog author.


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