True Potential: Inside its five upheld FOS cases relating to British Steel

A look into the complaints made last year, all of which were upheld

clock • 3 min read

National advice firm True Potential was the subject of five complaints from the Financial Ombudsman Service (FOS) relating to British Steel in 2022.

According to the FOS database of decisions there were 63 upheld complaints relating to British Steel in the year, the majority of which were from smaller financial advice firms, however, True Potential featured five times, with all cases upheld. These cases were referred to the FOS as True Potential did not uphold the complaints stating that in each scenario the advice to transfer was suitable because of the needs of the clients, with almost all citing flexibility. According to several of the complaints, True Potential's legal advisers sent a "comprehensive document" to the FOS on 10 ...

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 Pensions

DB transfer advice slows since FCA's 2020 crackdown

DB transfer advice slows since FCA's 2020 crackdown

Many firms have stopped offering DB advice, regulator finds

Isabel Baxter
clock 30 January 2025 • 2 min read
SSAS and divorce: Everything advisers need to know

SSAS and divorce: Everything advisers need to know

'It's estimated that only 4% of divorces include a pension'

Caitlin Southall
clock 30 January 2025 • 5 min read
Reeves: Final phase one pensions review report to be published in Spring

Reeves: Final phase one pensions review report to be published in Spring

Chancellor confirms plans for pensions in Oxfordshire growth speech

Jonathan Stapleton
clock 29 January 2025 • 2 min read