FOS partially upholds ongoing advice complaint against TenetConnect

Pension switch glitch

clock • 3 min read

The Financial Ombudsman has partially upheld a complaint against TenetConnect from the family of a former client, who had argued they had been made to pay unnecessary ongoing advice charges because of a pension switch.

The complaint stems from an anonymous client, Mr Y, who was advised to switch their pension in 2013. The adviser, of Darlington Naley Taylor & Associates, was an appointed representative of TenetConnect. Mr Y was advised to switch his existing pension plan of £78,000 into a new plan that would result in lower ongoing charges (a decline of 1.05% to 0.7%). In 2019, the client expressed their dissatisfaction at a lack of service and advice since the pension switch. TenetConnect accepted a poor level of service had been offered and paid him £500 in compensation. Matters did not end the...

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 Regulation

Andrew Goodwin: Is targeted support really the revolution we need?

Andrew Goodwin: Is targeted support really the revolution we need?

'Forgive me for being a party pooper, but...'

Andrew Goodwin
clock 11 April 2025 • 4 min read
CII urges firms to put vulnerable customers' needs 'ahead of targets'

CII urges firms to put vulnerable customers' needs 'ahead of targets'

Bosses must ‘walk the walk’ on vulnerable clients

Jenna Brown
clock 10 April 2025 • 2 min read
The FCA's DE&I volte-face: Why doing the right thing still matters

The FCA's DE&I volte-face: Why doing the right thing still matters

Delayed NFM regulations set to take effect in June

Jo Keddie
clock 07 April 2025 • 5 min read