“If this wasn’t done there are no options available to fix a rate when the transfer is direct from a ceding scheme with no exchange rate setting facilities,” said the advice firm.
Montfort said Mr D understood the need for managing foreign exchange conversion but concede that “it was fortunate Mr D didn’t move his benefits to Australia on reflection”.
Claims dismissed
However, the Ombudsman dismissed the firm’s claims, adding Montfort should have considered the possibility that Mr D’s move to Australia might not be successful as the failure of such plans is not rare.
“In any event this transfer appears to have taken place prior to the move too. I don’t think the advice adequately accommodated a potential return to the UK; and it meant that a transfer was completed prior to there being any need.
“I haven’t seen anything that makes me think it would not have been preferable for any transfer to have been advised on as a potential future action, depending on how any move to Australia succeeded,” concluded Wilson.
