Openwork client demands £3,000 advice fee refund after admin error

Wrong account temporarily credited

Hannah Godfrey
clock • 2 min read

An FOS complainant has asked the ombudsman to rule £3,000-worth of advice fees be repaid to him after an administrative error led to some of his pension money temporarily ending up in the wrong bank account.

'Mr C' - as he was dubbed by the Financial Ombudsman Service (FOS) - wished to withdraw cash from his pension from a company the FOS called ‘Z', and asked advice network Openwork to make the necessary arrangements. Somewhere along the line, however, the wrong bank details were given, and the payment ended up with another person. Mr C contacted the pension company 'Z' and Openwork when he did not receive the money and, after a month of waiting, the money was recovered and paid into his account. Mr C then complained to Openwork, which offered to pay Mr C £250 in compensation. Mr C ho...

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 Your profession

The rarely discussed barriers to closing the advice gap

The rarely discussed barriers to closing the advice gap

'The real issue isn't just access, it's attitudes, representation, and engagement'

Harry Webster
clock 04 April 2025 • 7 min read
The Apprentice stars call for more financial advice as online businesses surge

The Apprentice stars call for more financial advice as online businesses surge

‘Crucial that young entrepreneurs receive the right guidance to manage their finances’

Sahar Nazir
clock 03 April 2025 • 2 min read
Trump pushes ahead with global 'reciprocal' tariffs, sending markets into a tailspin

Trump pushes ahead with global 'reciprocal' tariffs, sending markets into a tailspin

20% on EU, 10% on UK

Sorin Dojan
clock 03 April 2025 • 2 min read