Headley Financial Services has been told to pay out more than £15,000 in compensation to a client after it failed to factor lifetime allowance (LTA) changes into its advice process.
A Financial Ombudsman Service (FOS) decision said Headley should hand over £15,431 in compensation, plus an additional £200 for "trouble and upset," after its client, Mr P, lost out due to LTA changes seven years ago. In 2014, Mr P had pensions with three different providers, including a defined benefit plan, an Aegon personal pension and drawdown arrangement. In total, his pensions were valued at £1.2m. Mr P had taken benefits from two pension providers before April 2006, when A-Day legislation was introduced to simplify pensions in the UK. Because benefits had been taken from 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