The FOS added: “The adviser knew about Mr H’s plans. He suggested Queen Street to Mr H during the advice process.
“In my view he simply should not have promoted Queen Street to Mr H. It did not fit in with his plans.
“There was a significant risk that the investment would not be available when Mr H wanted to access the funds.”
The FOS ruled Legacy should compensate Mr H as he would not have made the Queen Street investment if he had not been advised to do so.
Legacy were ordered to pay out the difference between the value of Mr H’s investment in Queen Street and the value of the FTSE UK Private Investors Income Total Return Index
They were also told to pay him £300 for distress caused to Mr H who was unable to use his pension fund to retire as he had planned.
