Pension transfer specialist criticised for failing to advise

“If TWS had given suitable advice, Mr G would not have suffered the loss. I accept that other businesses were involved in the transfer. I think that TWS gave unsuitable advice that has caused Mr G to suffer a loss. 

“I am aware that there are allegations of fraud. The outcome of any proceedings that may arise is not yet known and may be some way off. I am not in a position to make any judgement about the conduct of those involved. But I acknowledge that it may be relevant to how I determine fair compensation for Mr G.”

TWS was told to obtain the notional transfer value of Mr G’s pension plan if he had not been advised to transfer it and obtain the current transfer value of Mr G’s benefits in the Green Retirement Pension Scheme. 

TWS was ordered to pay a commercial value and take ownership of Mr G’s investment. 

The pension transfer specialist also has to pay £500 for the distress caused to Mr G by the loss of his pension fund.