Pension Transfers Decision Reference 2025-0103

• Case Outcome: Partially upheld
• Year: 2025
• Reference: 2025-0103
• Date: 28 July 2025
• Finantial Sector: Investment
• Conducts Complained Of: Failure to process instructions in a timely manner,Delayed or inadequate communication, Failure to inform of drop in value, Switching funds

Decision Ref:

2025-0103

Sector:

Investment

Product / Service:

Pension Transfers

Conduct(s) complained of:

Failure to process instructions in a timely manner

Delayed or inadequate communication

Switching funds

Failure to inform of drop in value

Outcome:

Partially Upheld

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The Complainant invested in an Approved Retirement Fund (“ARF”) with the Provider.

The Complainant’s Case

The complaint concerns the transfer of funds from the Complainant’s investment account

into a cash fund. The Complainant submits she made an investment in an ARF with the

Provider on 18 December 2013. The Complainant states that she instructed the Provider,

through her financial advisor (the “Broker”), to put funds from her investment accounts

into a cash fund on 9 March 2020. The Complainant contends that the Provider failed to

inform her that the value of the transfer to the cash fund, that she requested on 9 March

2020, “had reduced so drastically.” The Complainant states that the Provider said it had

posted out the new cash fund amount to her, but she did not receive any such

correspondence.

The Complainant seeks a resolution to her complaint.