Ashcourt Rowan to pay out for advice dating back 18 years

The complainant, referred to as ‘Mr H' by the Financial Ombudsman Service (FOS), was advised to transfer his occupational pensions to a self-invested personal pension (SIPP) some 18 years ago. Mr H had been assigned an executive pension plan (EPP) in 1996 and, later in 2000, a recommendation letter was issued by Mr H's adviser that suggested he make the transfer. A report from 2000 highlighted that Mr H had no intention to "draw on his pension yet because, being a final salary scheme, the earlier retirement reductions would be too penal". The note also outlined that Mrs H was not e...