28
th May 2021
11:37 am
An IFA who received poor defined benefit (DB) transfer advice could receive up to £160,000 in compensation.
An upheld Financial Ombudsman Service ruling gives insight into how tougher DB transfer rules are influencing the settlement of claims.
Mr R complained about advice from Hunter & Co (IFA) Limited in 2016 to transfer his company pension scheme to a Sipp.
The money was then put into a discretionary fund manager (DFM) that he wanted to take out several years later.
The value of Mr R’s benefits in his former employer’s scheme was £857,640.52 and he also had a personal pension valued at around £26,000.