Earlier this year Which?, the Consumers' Association magazine, reported that a man had received compensation as a result of poor advice from Knight Williams, a firm of independent financial advisers based in New Bond Street, London.
The firm advertises itself as a retirement specialist.
Which? then received information from 30 Knight Williams customers - only two of whom were happy with the advice that the firm had given.
The complaints focused on Knight Williams's decision allegedly to put elderly investors into high-risk portfolios; not taking sufficient notice of the clients' tax position and advising investors to sell their existing holdings to invest in Knight Williams's investment bonds.
Robin Knight Bruce, chairman of Knight Williams, said: 'If the three cases they cite in the article are the ones they consider the most damaging, then the other 27 must have no case at all.
'That does not mean we don't have any dissatisfied clients. We can't prevent a client investing one day and cashing in on day two,' he added.
All three cases could now be in profit if they had stayed invested. But Which? claimed that the investments were too high-risk and exposed elderly people to worry.Reuse content