Slow pension transfer process costs Fairstone client £55,000

The client, referred to as ‘Mr B' by the Financial Ombudsman Service (FOS), complained after his transfer value quotation dropped by some £55,000 when the advice firm took three months to go through the pension transfer process. On 13 September 2016, Mr B received a transfer value quotation of £541,980. This amount was guaranteed until 13 December 2016, after which it would be recalculated. The transfer could only go ahead if the pension scheme administrator had received all the correctly completed paperwork within three months. However, the administrator did not receive the paperwork...