Savers who have transferred out of generous defined-benefit (DB) pension schemes could be entitled to compensation from their financial advisers, even if the adviser explicitly warned them against it, following a ruling from the Financial Ombudsman Service.
But the ombudsman has now ruled that the adviser did not do enough to understand why the person rejected the advice, and should have discussed their options in more detail. The case could pave the way for more claims from people who have regretted a DB transfer, potentially including the Port-Talbot steelworkers (pictured), many of whom agreed to a transfer.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
London Stock Exchange gets go-ahead to run Pisces private stock marketThe Pisces market will allow investors to buy and sell shares in private companies. But how will it work, when will it launch, and who is allowed to use it?
-
Could landlords face National Insurance on rental income?The Treasury is said to be considering a tax increase for landlords in an attempt to boost revenue in Rachel Reeves’s Autumn Budget
