Friends Life has compensated a man £500 for causing him "distress and inconvenience" after he lost money when a pension transfer was not properly carried out.
According to an ombudsman decision, Mr Y asked for his personal pension plan worth £1,622.77 to be transferred to another Friends Life account last December. However in January 2017, just £396.83 was transferred into Mr Y's account, while the remaining £1,225.94 was put into a suspense account. When Mr Y contacted Friends Life he was incorrectly told that all the funds had been transferred into the correct account, and it was not until he checked his transaction history that he found this was not the case. My Y complained to the pension provider, and on 25 May 2017 Friends Life apo...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
