Camerons (BMS) Retirement Benefit Scheme (PO-459)

Ombudsman’s Determination

 Complaint Summary

Mr & Mrs T’s complaint against CAM, MLA and MLT concerns investment advice they received from CAM, MLA and MLT:

• CAM, MLA and MLT incorrectly informed Mr and Mrs T that they could invest the Scheme assets in taxable moveable property; and
• CAM, MLA and MLT’s proposed solution to the situation did not resolve it.

Summary of the Ombudsman’s Determination and reasons

The complaint should be upheld against CAM, MLA and MLT because:

• CAM, MLA and MLT initially incorrectly informed Mr and Mrs T and administered the Scheme on the basis that they could hold certain commercial vehicles used by their company as Scheme assets, and in reliance on that information Mr and Mrs T have incurred a tax liability.
• The solution to the problem proposed by CAM, MLA and MLT was unreasonable and, in any event, did not prevent Mr and Mrs T from incurring a tax liability as a result of the information provided to them.