He said he had also had experience of a client who had unilaterally decided to make investments of his own despite Mr Liversidge constructing a portfolio for him.
A spokesman for the Financial Ombudsman Service said: “In each case we base our decision on the very particular circumstances involved to decide what is fair and reasonable.
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“When considering what is fair and reasonable in all the circumstances we take into account the relevant law and regulations, regulators rules, guidance and standards, codes of practice and where appropriate what we consider was good industry practice at the time.”
damian.fantato@ft.com
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