Adviser to pay out for unsuitable DB pension advice from 1991

The complainant, referred to as Mr C by the ombudsman, believed the advice Griffins gave him in 1991 to transfer around £22,000 out of his defined benefit (DB) scheme into a personal pension plan was unsuitable. The factfinding documents from the time said Mr C had "minimal" money on deposit, no investments and no other assets aside from his home and its contents. Mrs C was recorded as being "a housewife". Some 10 years after the transfer took place, in 2001, Griffins had Mr C complete an Optional Compliance Test (OCT) in order to review the transfer. The test was used to establish wh...