FOS reveals what it looks for in DB transfer complaints

300 complaints on DB transfers

Hannah Godfrey
clock • 2 min read

The Financial Ombudsman Service (FOS) has provided clarity on what it expects from financial advisers who are advising on defined benefit (DB) transfers.

In its latest ‘ombudsman news' report, the FOS gave advisers the inside scoop on what it looks at during DB transfer complaints. The FOS said it would ask, among other things, if the adviser really "knows their customer" and all their relevant circumstances, such as if they understood what the customer was trying to achieve, and if there were any other ways they could have helped their customer get what they want from retirement. The ombudsman also said, whether or not a transfer goes ahead, from its perspective it was important financial advisers kept their customers up-to-date and m...

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