HSBC to review pension transfers following FOS trail ruling

HSBC is to review historical pension transfer cases to see if it is earning trail income for ongoing advice it is not delivering.

Investment Week sister title Professional Adviser understands the bank will examine pensions transferred to it since 2006 and assess any cases uncovered on an individual basis. It follows a Financial Ombudsman Service (FOS) ruling ordering HSBC to repay the 0.5% trail it had been taking from a retiree since 2006. The FOS ruling from earlier this year - but only published recently - said the bank should return the charges taken since inception of the pension eight years ago, excluding initial commission, and pay £350 for stress and inconvenience caused. In a statement, HSBC said it ...