Quilter to pay £310k over two historic Fos cases

In May 2021, Quilter was told by the Fos to pay out after an adviser left a client’s Sipp contributions in cash and admitted it had not carried out annual reviews despite the client being charged.

The adviser was from J & P Financial Services, an appointed representative of Caerus.

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But by far the most problematic deal was Lighthouse. The company has been under investigation by the Financial Conduct Authority since 2020 for defined benefit transfer advice linked to British Steel Pension Scheme members.

In its half year results published last month, Quilter said it had paid out £18mn in claims for Lighthouse BSPS and other pension transfer claims to date, an increase on the £15mn it had paid out in March, including £2mn in professional fees.

A spokesperson for Quilter said: "We are conscious that some legacy business included unsuitable advice surrounding unregulated collective investments schemes. Where we find any of this advice to be unsuitable, then we will uphold the case and award redress accordingly.

"We do have to consider the wider implications of the case being ‘out of time’, however we do of course accept and abide by an Ombudsman’s decision, should they disagree with our findings."