The OCC has published a decision sent to a complainant who had lost money as a result of being incorrectly advised to transfer a pension. The complainant raised a complaint about the compensation guidelines of the then Personal Investment Authority (PIA) and the way in which FCA had treated this complaint. The OCC held that, although in the event the compensation was clearly insufficient to put the complainant in the same position as would have been the case had the transfer not happened, this was not the fault of the regulator. The PIA had consulted on the basis on which redress should be made. FCA had also advised the complainant that the law would not allow it to consider the complaint further, and the OCC agreed with this too. The fault was solely that of the financial adviser. (Source: OCC Decides on Pensions Compensation Guidance)