Adviser compensates insistent client after FOS deems DB transfer unsuitable

Pension transfer turns sour

clock • 4 min read

Fernleigh Wearden & Company has been told to compensate a client by the Financial Ombudsman Service (FOS) after it carried out a pension transfer for an insistent client who later complained the switch was not in her best interests.

Mrs N, as referred to by the FOS, complained that Fernleigh provided unsuitable advice to transfer her deferred occupational pension scheme (OPS) benefits to a personal pension plan, causing her to lose valuable guaranteed benefits. In early 2014, Mrs N sought advice from Fernleigh Wearden about transferring deferred OPS benefits to a personal pension, which had a quoted transfer value of £154,000. In 2009, the client had previously tried to transfer the OPS with a different adviser when it had a value of £92,000. Fernleigh Wearden recommended that Mrs N transfer for deferred OPS bene...

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 Regulation

FCA's CP26/10 lets firms gather less - it doesn't let them assume more

FCA's CP26/10 lets firms gather less - it doesn't let them assume more

'A family knowing a client's wishes is not the same as the client stating them'

Mark Buck
clock 15 September 2026 • 5 min read
What the FCA's Mills review means for financial services

What the FCA's Mills review means for financial services

Regulatory expectations will need to evolve as AI becomes more autonomous

Jessica Caws and Cheryl Tham
clock 07 September 2026 • 6 min read
AI and compliance: Charging for advice or administration?

AI and compliance: Charging for advice or administration?

Efficiency doesn't remove accountability

Gareth Fatchett
clock 03 September 2026 • 3 min read