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Mr T Case Study

The Problem

Mr T was advised by Braemar Financial Planning, who were a member of IFA Network Limited, totransfer his National Grid UK Pension into a Scottish Life Income Release Plan in 2009. Wanting to access some money to make improvements to his home and to pay for his daughter’s wedding, Mr T transferred £124,710.00 from his scheme. Braemar Financial Planning failed to advise Mr T on what other options were available to him.

Mr T explained that if Braemar Financial Planning had clearly explained the benefits attached to his National Grid UK scheme, including the guarantee of a pension and that through transferring between schemes these benefits would be lost, he would not have transferred away.

Mr T stated that Braemar Financial Planning did not explain the benefits that were attached to his previous scheme.

The Solution

A complaint was submitted to the Financial Services Compensation Scheme (“FSCS”) detailing that the advice Mr T received from Braemar Financial Planning was inadequate and had left him disadvantaged. The FSCS investigated Mr T’s complaint and upheld it, concluding that had Mr T understood the benefits he was giving up, he would not have transferred.

Additionally, that Mr T should not have been advised to take as high a risk with his pension arrangements.

The Result

The FSCS completed their investigations and made an offer of £50,000, which is the maximum amount they could award on this particular claim, and one which Mr T accepted.