15 March 2019 | Firm news | Article by Ria Coleman
In November 2018 I wrote about a complaint upheld by the Financial Ombudsman Service against Gerard Associates Limited (Gerard).
The complaint was that of Mrs G, who was advised to transfer her occupational pension into a Qualified Recognised Overseas Pension Scheme (QROPS). Read the previous blog here.
At the tail end of 2018, a voluntary liquidator was appointed and Gerard entered into liquidation.
As a result, if you have made a complaint to the Financial Ombudsman Service in respect of the advice you received from this firm, they will no longer be able to consider it. Instead, the Financial Services Compensation Scheme (FSCS) has confirmed that they will now consider and, where applicable, pay compensation in these claims, as the compensation fund of last resort.
It follows, that if you think you were misadvised by Gerard to transfer your traditional pension into a QROPS or indeed, a self-invested personal pension (SIPP), you could still be entitled to compensation as the FSCS is able to satisfy claims up to a maximum sum of £50,000.
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