Delayed DB transfer sees Quilter's firm Lighthouse pay out compensation

Mr L approached Lighthouse for advice about transferring his DB pension in 2017 but, three weeks before the guaranteed transfer date, the firm said it would not be able to make the transfer in time. The client then approached a new adviser who successfully transferred the pension into one of his existing pension plans, albeit at a higher cost than Lighthouse had quoted. According to the Financial Ombudsman Service (FOS), Lighthouse, which has since been bought by advice and life giant Quilter, accepted it was at fault and offered to pay Mr L £900 to compensate for his losses incurred ...