Fidelity FundsNetwork SIPP (PO-16404)

Ombudsman’s Determination

Outcome

Mrs D’s complaint against Fidelity is partly upheld, but there is a part of the complaint I do not agree with. To put matters right (for the part that is upheld) Fidelity should, within 28 days, pay Mrs D £400 for the significant distress and inconvenience she has suffered.

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

Complaint summary

Mrs D’s complaints against Fidelity are:

• the SIPP investment request that she made was unavailable and Fidelity provided misinformation on numerous occasions relating to this;
• she would like compensation to be calculated based on the investments she made on her Instant Savings Account (ISA), held with Fidelity;
• she believes the charges should be less, because she has a SIPP and an ISA with Fidelity that equate to over £250,000; and
• she should have been advised by Fidelity about the opportunity to take out a SIPP operated solely by them, so she could move away from the FundsNetwork SIPP which was partly run by Standard Life.