Liberty SIPP (PO-22965)

Ombudsman’s Determination

Outcome

Mr E’s complaint is upheld and to put matters right Liberty shall, within 28 days of the date of this Determination, pay an amount equal to the transferred sum, £18,500, to the SIPP. To compensate Mr E for loss of investment opportunity, Liberty shall add interest at the base bank rate for the time being quoted by the Bank of England for the period from 1 April 2017 to the date of payment inclusive.

Complaint summary

Mr E has complained that Liberty did not carry out enough due diligence checks when transferring part of his benefits from the SIPP to the Dawson Metals Ltd Retirement Benefits Scheme (the Dawson Scheme) in March 2017. Mr E is concerned that this money has now been lost or misappropriated.