Curtis Banks SIPP (PO-13053)

Ombudsman’s Determination

Outcome

Mr N’s complaint against FL 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) FL shall establish what units the monetary amount would have bought with Mr N’s new provider on 6 July 2015 and compare it to the actual units purchased when the monies were received in Mr N’s account on 3 December 2016. If the resultant amount is lower, this additional amount should be sent to Hartley for further investment. Also, FL shall pay Mr N £500 in respect of the significant distress and inconvenience he has suffered as a result of the maladministration.

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

Complaint summary

Mr N’s complaint concerns the delay associated with an in-specie transfer from Friends Life to his new provider, Interactive Investor (Interactive).

Mr N asserts that Curtis Banks (CB) took an exceptional and unreasonable amount of time to complete the transfer and as a result, he was delayed in taking investment opportunities and managing his fund.

Mr N also asserts that depending on the time taken for full completion of the transfer to be finalised, he lost between 8% and 10% of the total fund value of his holdings which were £169,477.98 as at 5 April 2015. Mr N would like a payment to cover his losses and an apology for the “totally unacceptable management of the transfer” and the handling of his complaint.