Case study

Case study

The case:

Mr P was a beneficiary of a trust arising from a will. The trustee was a solicitor who, under the terms of the will, was to invest money as she saw fit. After obtaining independent financial advice, the solicitor chose some low risk investments.

When the investments did not perform as well as expected Mr P complained to the solicitor, holding her responsible.

Mr P’s complaint was dismissed as it concerned a decision made by a solicitor when exercising a discretion given to her under the trust. As the solicitor was not a financial expert, she had reasonably obtained independent financial advice and followed that advice when deciding how to invest the trust money. The fact the investments did not perform as well as been hoped was not something the Legal Ombudsman could blame her for.