Quilter Representative Firm Gave Unsuitable Advice

09/04/25

A couple who complained to the Financial Ombudsman Service (FOS) about advice given by a Quilter ‘Appointed Representative’ firm (AR) have had their complaint upheld by the ombudsman.

The appointed representative (AR) advised the clients to use ISA investments to fund the repayment of their mortgage. Specifically, Quilter’s AR recommended transferring funds from an existing ISA, along with bank deposits, into a ‘balanced managed fund’ within a new ISA.

The goal was to pay off the mortgage in ten years. However, the expected returns from the ISA investments failed to meet this target, resulting in a projected shortfall of £32,000. This shortfall occurred despite the clients increasing their monthly payments into the ISA, as further advised by the AR.

The FOS upheld the complaint against the firm due to ‘miscalculation detriment’ resulting from inaccurate advice. So far, neither the FOS nor Quilter have named the AR firm that provided the unsuitable ISA advice.