National IFA order to pay £108k for failing to recommend annuity

Carmen Reichman
clock • 2 min read

The Financial Ombudsman Service (FOS) has ordered national IFA JELF Financial Planning to compensate a client it failed to advise to buy an annuity.

The FOS ordered JELF to pay a client £108,500 plus interest to cover losses he had incurred from not transferring a self-invested personal pension (SIPP) into an annuity after his adviser joined the firm. The client, who FOS called Mr T in its decision, had already won a case against the firm the adviser was with previously in relation to the same issue. Mr T first took advice in 2006 when he transferred his pension fund into a SIPP. In August 2007, when Mr T turned 65, the SIPP was moved to income drawdown and further amounts were added to it. When the adviser moved to JELF in ...

To continue reading this article...

Join Professional Adviser for free

  • 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 Regulation

FCA ongoing services wish lists: 'Advice shouldn't be like a car tax reminder'

FCA ongoing services wish lists: 'Advice shouldn't be like a car tax reminder'

FCA urged to adopt a 'more principled and realistic approach'

Jen Frost
clock 25 February 2025 • 3 min read
FCA addresses criticism on plan to auto-delete staff emails after a year

FCA addresses criticism on plan to auto-delete staff emails after a year

‘We’re not deleting evidence or hiding information’

Isabel Baxter
clock 20 February 2025 • 3 min read
FCA takes more time to review 'polluter pays' redress feedback

FCA takes more time to review 'polluter pays' redress feedback

Intends to publish response later this year

Isabel Baxter
clock 17 February 2025 • 3 min read