Quilter has revealed its review of Lighthouse defined benefit (DB) transfer advice has now moved beyond advice given to steelworkers and has set aside an extra £7m to cover the compensation costs for unsuitable advice given to clients of the firm.
Quilter bought Lighthouse Group in June 2019, adding an additional 390 advisers to the firm's growing adviser operation. However, an affinity deal between Lighthouse and the British Steel steelworkers' union resulted in 300 DB transfers, which are now being re-examined. Quilter has now revealed the examinations are going beyond DB transfers involving only British Steel workers. The advice giant said its skilled persons review has identified instances of more unsuitable transfer advice unrelated to steelworkers, which was why it has added another £7m to its potential compensation pot. ...
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