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

Regulation as a deal driver: How FCA scrutiny is reshaping wealth management consolidation

Regulation as a deal driver: How FCA scrutiny is reshaping wealth management consolidation

In wealth management M&A regulation has moved from footnote to headline

Louise Mahon
clock 27 April 2026 • 3 min read
FCA: Consolidation has not reduced access to advice

FCA: Consolidation has not reduced access to advice

Advice sector stable but room for growth

Jenna Brown
clock 23 April 2026 • 2 min read
AI and the FCA: Regulating the brave new world

AI and the FCA: Regulating the brave new world

'This is as much about learning as it is about supervision'

Alison Gay
clock 23 April 2026 • 4 min read