Last April, Money Marketing revealed that Barclays advised clients approaching or in retirement to transfer long-term savings into the single specialist fund.
The value of the fund plunged by almost 50 per cent in the 12 months to March 2009.
The bank has admitted it erroneously categorised the fund as balanced rather than adventurous between July and November 2007.
A FOS spokesman confirmed that a number of adjudicators have asked for guidance on how to judge the suitability of the fund for various investors and are waiting to proceed with individual complaints.
He says: “The guidance will not set a precedent for individual cases, which will be looked at on an individual basis, but the ombudsman will form a policy on how to determine the suitability of the fund.”
He could not give details of when the guidance would be issued to adjudicators.
David Allan Financial IFA David Allan says: “My client’s complaint has been with the ombudsman now for over six months. How long does it take to make a decision about a fund? Nearly all these complainants are elderly pensioners desperate for income.”