Pensions - DB Transfer
Unsuitable advice to transfer out of defined benefit scheme
Mandatory ADR
Max award: £445,000 (from 1 Apr 2025)
8 weeks firm; FOS 6 months; FSCS no time limit (for insolvent firm)
Uphold rate: 34% (FOS 2024/25)
Key Legislation
Financial Services and Markets Act 2000; FCA COBS — COBS 19.1 (starting assumption DB inappropriate); COBS 19.2 (personal recommendation required > £30k); COBS 9A
Complaint Route: Financial Ombudsman Service
Type: Ombudsman (binding on firm)
Max award: £445,000
Uphold rate: 34%
Average resolution: 180 days
Pre-conditions: Complain to firm first; firm has 8 weeks to resolve; then refer to FOS within 6 months of final response
Visit FOS websiteCompanies in This Sector
IFAs involved in BSPS transfer advicevarious regulated financial advisers
Annual complaint volume: 305,726 (FOS 2024/25 total)
Note: Compensation range: Restoration to DB equivalent position + investment growth; significant awards