As regular TEBI readers know, the academic evidence overwhelmingly shows that most investors are better off investing in low-cost index funds.

But most financial advisers still recommend actively managed funds instead. As a result, investors are ending up with pension pots considerably smaller than they should be.

So, is there a case for suing advisers who carry on investing their clients’ money in expensive funds that fail to deliver? Phil Miller certainly thinks so. A former adviser himself, Phil’s company Pension Focus represents clients who feel they’ve been badly advised.