**The facts you describe justify checking the advice, but they do not establish that the company acted unlawfully or unethically.** The central questions are whether the investments suited your relative’s circumstances, whether they could understand and authorise the decisions at the time, and how the adviser responded to any signs of cognitive difficulty.

The date of the advice matters: a complaint is assessed against the rules and standards applicable then. The mental-capacity explanation below concerns England and Wales; Scotland and Northern Ireland have different legal frameworks.

**Suitability of the investments.** Advisers must assess the client’s financial position, investment objectives, knowledge and experience, and ability to bear losses. For your relative, that would include their income needs, accessible savings, investment timescale and foreseeable expenditure, including care costs where relevant. Stock-market funds can be suitable for someone over 70, but the adviser needs a sound, individual justification for the amount invested and the risks taken. [FCA suitability requirements](https://handbook.fca.org.uk/handbook/cobs9)

**Dementia and capacity.** A later dementia diagnosis does not establish that your relative lacked capacity when the advice was given. Capacity concerns a particular decision at a particular time: could they understand the relevant information, retain it long enough, weigh the options and communicate their decision? Medical evidence about their condition around the investment dates could therefore be important. [Government guidance on mental capacity](https://www.gov.uk/make-decisions-for-someone/assessing-mental-capacity)

The adviser also had responsibilities toward vulnerable customers. The FCA expects firms to recognise and respond to signs of vulnerability, adapt their communications and provide appropriate support. Where a firm doubts a customer’s understanding or capacity, its guidance says it should assess whether the transaction should proceed. Ignoring evident confusion would raise serious concerns even if dementia had not yet been formally diagnosed. [FCA guidance on vulnerable customers](https://www.fca.org.uk/publication/finalised-guidance/fg21-1.pdf)

**Family involvement.** There is generally no requirement to consult family merely because a client is elderly. A client with capacity controls their own financial decisions and whom the adviser may involve. Family support can be appropriate with consent; an attorney or court-appointed representative may have formal authority. Being a relative alone does not confer authority to manage the investments. [Government guidance on acting for someone](https://www.gov.uk/make-decisions-for-someone)

**The 1% fee.** Percentage fees are permitted. The percentage alone does not establish misconduct. Check whether it was a one-off or annual charge, what additional fund and platform charges applied, and what service your relative agreed to receive. Charges must be clearly disclosed and agreed; ongoing advice charges generally require an ongoing service. [FCA adviser-charging rules](https://www.fca.org.uk/firms/adviser-charging-rules)

Ethically, I would be concerned by evidence that the firm exploited confusion, obscured costs, recommended risks your relative could not afford, or charged for promised services it failed to deliver. The absence of family consultation carries much less weight by itself.

The practical next steps are:

1. **Establish authority to help.** Obtain your relative’s consent if they have capacity for this, or involve the authorised financial attorney or deputy.
2. **Request the advice records.** Ask for the fact-find, suitability report, risk and loss-capacity assessments, meeting notes, fee agreement and evidence of ongoing reviews. Compare these with your relative’s circumstances and medical history at the relevant dates.
3. **Notify the firm of the diagnosis** so it can consider their current support needs and the continuing suitability of the arrangements.
4. **Make a written complaint if the records reveal concerns.** Identify the specific failures and request an explanation and appropriate redress.

If the response is unsatisfactory, or eight weeks pass without a final response, you can usually approach the free Financial Ombudsman Service. Referral is normally required within six months of the firm’s final response; separate limits apply to older complaints, so act promptly. The Ombudsman can assess unsuitable advice and require compensation where appropriate. [Investment complaints](https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/investments), [complaint deadlines](https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/expect/time-limits)