Adviser ordered to compensate pension transfer client after investment complaint

PB Financial Planning Limited was held liable for bad advice to transfer the pension in 2008 after the client realised seven years later the pension had not been invested and had instead been sitting in a cash account. The client had initially complained to the adviser about the failure to invest the pension as planned but his adviser told him he was not responsible for any action leading on from the transfer. The investment strategy for the pension had been the responsibility of another firm - which the adviser had outlined to him in its original documentation. While the FOS agreed t...