Adviser to pay compensation after unsuitable DB transfer to QROPS

In 2015, Mrs G - as referred to by the Financial Ombudsman Service (FOS) - was advised to transfer her defined benefit pension occupational scheme to a qualified recognised overseas pension scheme (QROPS) by the advice firm. At the time, Mrs G was in her mid-50s with a pension transfer value of just under £60,000, had no dependents and there was no indication she had poor health. Mrs G complained about advice she received from Gerard Associates to transfer the deferred benefits she held in her defined benefit occupational pension scheme. Gerard, however, argued Mrs G was likely to "ex...