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Hargreaves Lansdown SIPP (CAS-62490-J5T2)

Complainant: Mr T
Complaint Topic: Administration
Ref: CAS-62490-J5T2
Outcome: Not upheld
Appeal outcome: None
Respondent: Hargeaves Lansdown SIPP
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman’s Determination

Outcome

I do not uphold Mr T’s complaint and no further action is required by HL. 

Complaint summary

Mr T complained about the inability to reinvest the tax relief portion of his pension contributions into the ‘XBT Provider Bitcoin Tracker One’ Exchange Traded Note (XBT), which is a form of Cryptoasset. He said:- 

  • He was informed by HL it would be possible to reinvest the tax relief from his pension contributions into the XBT. 

  • After making his contributions into the XBT, he was informed HL no longer permitted further investments into Cryptoassets, which included the XBT. 

  • HL’s actions have caused him a financial loss, time costs in dealing with the matter and distress.

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