Self-Administered (SIPP) / Self-Directed Decision Reference 2022-0194

• Case Outcome: Rejected
• Reference: 2022-0194
• Date: 13 June 2022
• Year: 2022
• Subject Matter: Self-Administered (SIPP) / Self-Directed
• Finantial Sector: Investment
• Conducts Complained Of: Delayed or inadequate communication,Fees & charges applied , Maladministration, Switching funds , Value of policy at surrender less than expected or projected

Decision Ref:

2022-0194

Sector:

Investment

Product / Service:

Self-Administered (SIPP) / Self-Directed

Conduct(s) complained of:

Delayed or inadequate communication

Fees & charges applied

Maladministration

Value of policy at surrender less than expected or

projected

Switching funds

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns the Provider’s closure of an investment fund in 2020, which formed

part of the Complainant’s pension fund.

The Complainant’s Case

The Complainant asserts that in February 2020, the Provider gave him “ridiculously short

notice” when announcing the closure of the investment fund.

The Complainant says that the Provider did not offer him any “in specie outkind transfers”

and then made a “u turn after [he] sold most of [his] holdings”. He says that the Provider

forced him from “low-fee offerings to high-fee offerings which benefit the Provider and not

the customer”.

The Complainant submits that the Provider advised him that there would be “zero dealing

costs”, however, he was charged commission when he sold his holdings in the investment

fund.