Advice firm to reimburse client after 'unsuitable' transfer advice

Transfer from occupational scheme

Sophie King
clock • 2 min read

The Wealth Partnership Ltd has been asked to pay compensation after the FOS decided it had advised a client unsuitably to transfer their preserved occupational pension benefits to a personal pension.

Mrs W, as she was referred to by the Financial Ombudsman Service, was in her mid-40s, married and held deferred benefits in a final salary occupational pension scheme, which she had accrued with a former employer over nine years of employment. The advice was given in 2011 - five years before Mrs W made the complaint in 2016, which the ombudsman suggested may have been prompted by information she was given about the funding status of the occupational pension scheme she had left. The Wealth Partnership said the deficit of the occupational pension scheme in 2011 was not the reason for the t...

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