Rival Services Limited Pension Scheme (CAS-51791-Q6B9)

Ombudsman’s Determination

Outcome

The complaint should be upheld against CA because, but for its negligence, Mr S would not have suffered a financial loss. CA issued incorrect information to Mr S on more than one occasion, breaching its duty of care to Mr S and causing an unreasonable delay in the transfer of his occupational pension to his Fidelity SIPP. This caused a reasonably foreseeable financial loss to Mr S of £14,921.47. This amount being the difference between the transfer value on 25 February 2020 and 1 June 2020.

CA have already made a payment of £1,000 to Mr S in recognition of the distress and inconvenience caused, which I find is adequate and so no further award in this respect is necessary.

Complaint summary

Mr S complained that CA quoted an incorrect tax-free cash value of £93,848.36 for his two occupational pensions in a letter dated 11 December 2019. Mr S said this caused a delay in the transfer of the pensions, resulting in a reduction in the transfer value. CA then said it would honour a previous fund value by way of apology for the error. Having made this commitment in writing, CA subsequently withdrew its offer. 

Mr S said the value of his pensions with CA fell in value while these issues were resolved.