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Adviser loses Fos case over DB transfer he 'sold to himself'

Journalist: Jane Matthews, FTAdviser

ended 16. June 2023

Hello advisers, 

I hope all is well with you today. 

You may have seen this story last week that we covered on FTAdviser about the adviser who lost a Fos case over DB transfer he 'sold to himself' in the 90s. 

The response to the story has been really interesting, some have reacted with incredulity that the adviser even brought the case, but others have said this sort of practice was endemic in the 90s and that many fresh-faced advisers found themselves in similar situations as a result of management's desire to boost commission intake. 

So, I'm canvassing advisers on where they fall on this issue. Do you think the adviser had a legitimate complaint to make to the Fos? And if so was the Fos's decision fair? Perhaps if it had more evidence from the time in question its decision may have been different. Do you sympathise with the adviser? Maybe you yourself have seen similar practices to what he outlined over the course of your career?

Many thanks, 
Jane 

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