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 and FOS release call for input to modernise redress system

FCA and FOS release call for input to modernise redress system

Comes after Rachel Reeves’ Mansion House speech

Isabel Baxter
clock 15 November 2024 • 3 min read
Chancellor targets FOS modernisation and FCA consultation

Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 14 November 2024 • 3 min read
FCA issues warning notice against Crispin Odey over 'lack of integrity'

FCA issues warning notice against Crispin Odey over 'lack of integrity'

Regulator alleges 'reckless disregard' on governance

Cristian Angeloni
clock 04 November 2024 • 2 min read