Adviser to compensate insistent client over DB transfer mistake

The Financial Ombudsman Service (FOS) has told Caerus Financial to compensate ‘Mr M' after he lost out on £14,000 due to a miscommunication about the transfer value offer being extended. This is despite the firm recommending he did not transfer, no advice fees being paid to Caerus and the client eventually using a different firm. The FOS said while the miscommunication was likely resolved within a few days it was still enough to warrant compensation to be paid to the insistent client. What happened? The claimant - referred to as ‘Mr M' by the FOS - selected Caerus Financial as his f...