Adviser compensates insistent client after FOS deems DB transfer unsuitable

Pension transfer turns sour

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Adviser compensates insistent client after FOS deems DB transfer unsuitable

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...

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