Sued For Prior Advisers Advice.
In a court case last week, the Court has ruled that a financial adviser does not owe a duty to review advice given by a previous adviser unless specifically requested to review the previous advice given.
The Case:
Comment
You cannot sue an existing adviser on the suitability of a previous adviser’s advice unless you specifically engage them to do exactly that. If any review is to review existing pension/investment contract flexibility, charges, fund performance then that is what it is. It is not a review as to the suitability of any previous adviser’s advice.
If you suspect a previous adviser’s advice was not suitable or there was negligence or mis-selling, you either make formal a complaint yourself or you engage a professional adviser to specifically review the previous adviser’s advice.