A firm of financial advisers owned by controversial former UKIP MEP Godfrey Bloom has been slammed with yet another censure from regulators — just weeks after it was landed with a £2.1 million redress bill for bad advice to clients.
TBO Investments, in which Bloom owns a controlling stake, advised a pensioner to put £50,000 in risky mining funds and overseas equities. The recent multi-million redress bill also related to reckless advice given to a couple wanting support in their retirement.
The Financial Ombudsman said of recommendations given to a ‘Mrs Q’:
“Given Mrs Q’s circumstances I am not persuaded that TBO’s assessment of her attitude to risk was likely to have reasonably reflected the level she would have wished to take with her money.
“The reliance upon equities of the initial recommendation left Mrs Q’s capital at risk of considerable volatility… I am not persuaded that the recommendations made by TBO were consistent with her likely attitude to risk, not with her needs and circumstances at the time.
Did we mention Godders was UKIP’s economics spokesman?
FROM THE ARCHIVES:
- Bloom finance firm could be facing bankruptcy over £2m legal bill
- British MEP’s secret firm was fined £28,000 by financial regulators
- MEP hid finance firm while sitting on European monetary committee
- UKIP machine flounders over attempts to deny MEP’s secret firm
- Bloom updates register of interests with handwritten scrawl