Curtis Banks Self-Invested Personal Pension (CAS-53394-T6G2)
Ombudsman’s Determination
Outcome
Mr S’ complaint against Curtis Banks is partly upheld. To put matters right, Curtis Banks shall pay Mr S interest on the pension contribution (the Contribution) that was transferred to Investec Wealth on 31 January 2020 (the Interest Amount). The rate of interest should be 8% per annum simple and calculated for the period from 21 to 31 January 2020.
In addition, Curtis Banks shall pay Mr S interest on the Interest Amount, such interest to be calculated at the base rate for the time being quoted by the Bank of England between 1 February 2020 and the date of settlement.
Complaint summary
Mr S has complained that Curtis Banks transferred the Contribution from the SIPP to a third party in error, with the result that investments in the SIPP were purchased at a later date. He seeks compensation for any financial injustice he has incurred, as well as an award for the distress and inconvenience he suffered.
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