FOS orders L&G to compensate clients for '93 pensions advice

The Financial Ombudsman Service found the provider had failed to alert both clients to the danger of losing pension value following the transfer. It also did not assess their risk profiles adequately, it said. In the first case, a client referred to as 'Mr C', aged 42, was advised by an L&G representative to transfer the value of his deferred pension benefits to a personal pension. The representative told the client of "increased benefits and increased flexibility" if he went ahead with the transfer, the FOS found. However, the client's savings would have needed to achieve a ret...