The Financial Ombudsman Service (FOS) has asked an IFA, which no longer has regulatory permissions nor is in business due to its refusal to comply with a previous FOS decision, to compensate a claimant.
A decision notice posted on the Ombudsman's website explained a former client of now-defunct Foreman Financial Services - which traded as Grainger and Co Financial Services - was unhappy with the advice given to her about a pension. In 2015, Foreman advised the woman, dubbed Miss F, to switch her two existing pension plans to a new provider. Miss F accepted the recommendation in December 2015 and subsequently transferred around £51,000 into a self-invested personal pension (SIPP) with a new provider. Miss F also contributed £60 per month from January 2016. By 10 July 2017, however, th...
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