FOS compensation case gives industry much needed clarity over claims

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The FOS can make awards of up to £100,000 but it was, until now, unclear if individuals could take additional legal action to recover any additional losses over and above the £100,000 limit.

In the case of Andrews v SBJ Benefit Consultants the claimant suffered financial loss after he transferred his pension benefit from an occupational pension scheme into a personal scheme on the advice of the defendants.
SBJ Benefit Consultants admitted liability and agreed to pay compensation.

However

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