"However, it is the case here that the deferred pension represented a significant guaranteed benefit to fall back on in the event that the new business venture was not successful.
"In my opinion if Charterhouse had properly taken into account his circumstances it should have advised Mr M not to transfer his deferred benefits to a PPP in 2001 but should instead have recommended that Mr M wait and see how the new business progressed."
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The ombudsman ordered Charterhouse to put the client back into the position he would now be in but for the unsuitable advice he received in 2001 up to a maximum of £150,000.
emma.hughes@ft.com
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