Adviser to pay compensation after unsuitable DB transfer to QROPS

From DB scheme

Sophie King
clock • 2 min read

Advice firm Gerard Associates has been told to pay compensation following what the ombudsman called unsuitable advice given to a client regarding a defined benefit occupational pension scheme.

In 2015, Mrs G - as referred to by the Financial Ombudsman Service (FOS) - was advised to transfer her defined benefit pension occupational scheme to a qualified recognised overseas pension scheme (QROPS) by the advice firm. At the time, Mrs G was in her mid-50s with a pension transfer value of just under £60,000, had no dependents and there was no indication she had poor health. Mrs G complained about advice she received from Gerard Associates to transfer the deferred benefits she held in her defined benefit occupational pension scheme. Gerard, however, argued Mrs G was likely to "ex...

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