The Financial Ombudsman has ruled against an advice firm over investing in an unregulated collective investment scheme.

A complaint from a St. James’s Place Wealth Management client over claims of being “misled about tax benefits” has been partly upheld, with the ombudsman saying the adviser had failed to reach the right conclusion.

The Financial Ombudsman’s annual review has revealed a significant increase in complaints about personal pension plans.

The Financial Ombudsman Service plans to keep case fees frozen for another year, it revealed this morning.