TenetConnect to compensate client despite belief it did not offer advice

'Client had no pensions expertise’

Julia Bahr
clock • 3 min read

The Financial Ombudsman Service (FOS) has sided with a client who claimed that adviser firm TenetConnect failed to give her suitable advice.

Mrs L, as named by the ombudsman to protect her identity, said the firm advised her to surrender a personal pension plan (PPP) to raise capital that she wanted for a property investment. She claimed this was unsuitable as it caused her to pay tax that could have been avoided by using other investments.  The adviser firm said that Mrs L had received clear information by Aviva, her provider, regarding the tax that would be applied should Mrs L surrender her PPP.  TenetConnect also said it could not find a suitability letter or fee agreement between Mrs L and their appointed representati...

To continue reading this article...

Join Professional Adviser

  • 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 Retirement

Retirement worrying majority of people, survey shows

Retirement worrying majority of people, survey shows

Most have not spoken with an adviser during the cost of living crisis

Alex Sebastian
clock 02 March 2023 • 1 min read
State pension age hikes: Retirement affordability advice needed

State pension age hikes: Retirement affordability advice needed

State pension age is currently 66 with two further increases due

Adrian Boulding
clock 16 February 2023 • 7 min read
'Worrying' gender divide when it comes to retirement regrets

'Worrying' gender divide when it comes to retirement regrets

Nearly four-in-ten women had regrets about their retirement decisions

Ayesha Venkataraman
clock 31 January 2023 • 2 min read