An elderly relative (over 70) received financial advice from a regulated financial advisory company (in the UK). The service invested the money for them in several stock-market funds for a fee of 1% of the assets. There was no consultation with the family.
The relative has since been diagnosed with dementia, prompting a look into their situation which has raised alarm bells about the legality or ethicality of the advice they have received.
What are the conditions regarding financial advice to the elderly and/or infirm ? Has the company acted unethically in this situation ?