National IFA order to pay £108k for failing to recommend annuity

The FOS ordered JELF to pay a client £108,500 plus interest to cover losses he had incurred from not transferring a self-invested personal pension (SIPP) into an annuity after his adviser joined the firm. The client, who FOS called Mr T in its decision, had already won a case against the firm the adviser was with previously in relation to the same issue. Mr T first took advice in 2006 when he transferred his pension fund into a SIPP. In August 2007, when Mr T turned 65, the SIPP was moved to income drawdown and further amounts were added to it. When the adviser moved to JELF in ...