IFA Fails To Advise Correctly – No advise to fix or protect lifetime allowance

compliance policies and procedures

A financial advice firm has been told to compensate a client who was not advised to protect his pension benefits before the lifetime allowance was reduced.

Over the following years Mr M made further payments into his Sipp and in late 2006 the adviser said it was “a very sensible approach to top up existing pension funds with further contributions if they attract tax relief at this highest marginal rate”.

Mr M had several meetings with his adviser between 2006 and 2014 but there was nothing to show they considered any action to protect pension benefits from the decreasing lifetime allowance.

The Financial Ombudsman Service ruled Ormiston had failed to monitor the value of Mr M’s pensions so he had missed the opportunity to take fixed or enhanced protection.

Read More …


Pension Advisors, Pension Advisory Service, Pension Age In Uk, Pension Annual Allowance, Pension In Uk, Pension Protection Fund

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.