AWD Chase de Vere is understood to be challenging a Financial Ombudsman Service ruling that it over-exposed a client to failed group Keydata, saying the FOS was not given the full facts.
AWD is claiming that it advised the client not to over-expose to Keydata above its own recommended levels of roughly 10 per cent of the client’s entire portfolio.
However, AWD says the client insisted they wanted to boost their exposure to Keydata’s traded life settlement products.
Head of communications Patrick Connolly declined to discuss individual clients of the firm but confirmed that AWD is challenging a FOS ruling.
He adds: “We have not had one Keydata decision in which the Ombudsman has found against where we think the Ombudsman is correct.”