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

Adviser fees dispute

clock • 2 min read

Lighthouse has been told to compensate a client after the advice firm missed the deadline to transfer out of a defined benefit (DB) scheme.

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 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Financial planning 'badly' needed PFS £1m talent pledge – what next?

Financial planning 'badly' needed PFS £1m talent pledge – what next?

Considerations include representation, showing not telling, and small business support

Jen Frost
clock 29 July 2025 • 6 min read
FNZ hit with $4.6bn class action from employee shareholders

FNZ hit with $4.6bn class action from employee shareholders

Claimants argue institutional investors received new shares and warrants on more favourable terms

Sahar Nazir
clock 28 July 2025 • 1 min read
FCA drops cases against two LIBOR scandal traders amid Supreme Court judgement

FCA drops cases against two LIBOR scandal traders amid Supreme Court judgement

Tom Hayes and Carlo Palombo

Linus Uhlig
clock 28 July 2025 • 1 min read