Portafina to pay compensation for 'insistent client' transfer advice

The ombudsman said the client - known as 'Mr A' for the purposes of its decision - complained about the advice he received from Portafina to transfer benefits from his occupational pension scheme to a personal pension in 2015. At the time of the advice, the client was 61, unmarried, unemployed, owned property worth approximately £90,000 and had no further assets. A representative of Mr A complained to Portafina in February 2018, claiming the advice to transfer his pension was unsuitable for several reasons. One of those reasons, the representative argued, was Mr A was not provided wit...