Broker 'mismanaged' widow's portfolio

The Financial Services Ombudsman has published a list of the main decisions made by his office in the first half of this year, which include an award of €18,500 to an elderly widow whose investment was mismanaged by a leading stockbroking firm.

The customer complained that the firm had failed to advise her properly how a particular bond would operate and that it recommended a number of technology shares when she had made it clear she did not want any high risk shares.