Your Industry  

Read it now: £187k redress for client & property funds at risk

Read it now: £187k redress for client & property funds at risk
 Pic from FTAdviser

Phoenix has paid out £187,000 to an adviser's client following a pension review. 

As reported on page 1 of this week's Financial Adviser, Lee Clarkson, director and financial wealth adviser at Paladin, noted a discrepancy dating back two decades in his client's pension.

He noted his client had gaps in his employer pension and his defined benefit pension, which did not match up. When he looked into it, he discovered his client had been ill advised at the time to stop paying into his employer's pension and take out a personal pension instead. 

Following a complaint to Phoenix Life, which held the policy, the company agreed that the client had been financially disadvantaged, and paid out more than £187,000 in cash compensation to the client, as well as £200 as compensation for delays in the process. 

Elsewhere in Financial Adviser, the cash holdings in open-ended property funds was laid bare by analysis from reporter Imogen Tew. The investigation discovered some funds may not have enough cash to remain open, or even to open this year in case of mass redemptions. 

To read all this, as well as exclusive commentary, interviews and community news, click on this week's digital edition here

If you would like to have a digital edition delivered to your inbox, free of charge, every week, click here.

However, if you would rather have your printed copy of Financial Adviser delivered to your home, please register at ftadviser.com/fasubs, and we can get a form sent out for you to fill in securely using your unique reader number.

You only need to do this once - if you have already submitted an alternative delivery address you don't need to do so again.

Simoney Kyriakou

To find out more about our #KeepFeesFair campaign, email simoney.kyriakou@ft.com