Advisers are liable for Harlequin pension transfer losses

“This is on the basis that those IFAs cannot restrict their advice to the suitability of the Sipp, without considering the suitability of the investments to be held within the Sipp.

“Each case will be considered on its own facts but the IFAs may be liable for the losses caused by the negligent advice to switch to a Sipp and hold certain investments.”

It added that when considering future claims, it will be able to take into account claimants’ full losses up to our investment compensation limit.

“FSCS will make top-up payments to claimants who have received interim compensation where additional compensation is due. These claimants will not need to contact us or to submit a further claim.”