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.
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Simoney Kyriakou
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