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Could you make a historic pension transfer advice complaint?

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Unsuitable pension transfer advice given in 1995 has resulted in a successful compensation claim 23 years later. This could give investors who were offered poor advice in the past encouragement to make a complaint.

Pension transfer advice

In 1995, BBT Financial Services recommended claimant, known as Mr B, transfer his pension from Clerical Medical to Scottish Equitable. This was because of the future opportunity to take phased withdrawal or drawdown with the provider.

However, the Financial Ombudsman Service (FOS) agreed that the pension transfer advice was unsuitable. The FOS stated that the claimant was not intending to retire and take benefits for around three years. It was therefore uncertain how he would wish to take benefits or what annuity rates would be at that time.

The ombudsman ruled in Mr B’s favour as it was not known when the transfer was made whether drawdown would be suitable for the client.

The complaint was made from recollections of the advice and two letters, giving others hope that they could reclaim money lost following poor pension transfer advice.

Evidence given

Although the advice was given over two decades ago, the evidence given was two short letters from BBT to Mr B. The letters set out why if was offering the pension transfer advice.

The recommendation was made on the basis of the client having the option of phased withdrawal or income drawdown. However, at the time Clerical Medical did not offer these options and the advice was unsuitable.

Making a mis-selling claim

Your pension transfer advice may have been unsuitable for you if it didn’t offer the features you transferred for. Your adviser should have only offered options suitable for your financial needs.

If you feel that the advice given to you was misleading or inadequate, get in touch today. Our team of expert solicitors can offer you advice and resources to secure compensation.