AJ Bell Sippcentre SIPP (PO-10832)

Ombudsman’s Determination

Outcome

Mr N’s complaint is upheld and, to put matters right AJ Bell should compensate Mr N for the difference between what his SIPP was worth when it crystallised and what it would have been worth, had his SIPP transfer not been delayed.

My reasons for reaching this decision are explained in more detail below.

Complaint summary

Mr N is unhappy because AJ Bell refused to allow him to transfer his SIPP fund to another provider for over a year. By the time Mr N’s fund was transferred, he believes he had suffered a significant financial loss. In particular, his SIPP was invested in cash-only funds throughout the time his transfer was refused.

Mr N says, if he had been able to transfer earlier, he would have invested in a range of funds and the value of his SIPP would have grown. As a result of the transfer being delayed, his SIPP was worth considerably less when it crystallised in May 2016 and he started drawing down income.