When it comes to defined benefit (DB) pension transfer advice, what is every adviser's worst nightmare?
Being sued, probably.
With all the DB transfer controversy in the news at the moment, who better to reflect on the situation facing advisers than someone who has been on both sides of the fence as both a former adviser and actuary?
Step forward Pension Playpen and former adviser Henry Tapper, who held his hands up in our latest podcast to reveal that he himself had been sued over a DB transfer he advised on.
'I was a financial adviser between 1984 and 1995, I was a Financial Conduct Authority (FCA) registered adviser working on a commission only basis,' he said.
'I'm not turning around and saying I'm whiter than white in any sense. Yeah, I was the guy trying to do a good job for my clients. I had a guy who I did a transfer for, who was able to pay off his mortgage arrears and keep his house out of that transfer, who subsequently sued me.
'If you as an adviser out there think your clients love you, let me tell you, if we have a 30% fall in the market [...] your clients are going to be coming after you and asking what the hell you were doing.'
You can hear all about Henry's experiences, along with our discussion about contingent charging, the FCA's recent raft of regulatory rulings and 'who's hot and who's not?' by listening to the episode above.
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