HSBC Bank (UK) Pension Scheme (CAS-57495-Q9Q1)

Ombudsman’s Determination

Outcome

The complaint is upheld against the Trustee and WTW because:-

• Although it would not have been possible for WTW to carry out Mr A’s instructions to switch his investments from the Property Fund, WTW, which was acting on behalf of the Trustee, misinformed him on numerous occasions over a period of several months that the switch had been carried out. As a direct consequence of these failings, Mr A was deprived of the opportunity to mitigate his financial position.
• The maladministration on the part of WTW has caused Mr A financial loss and serious distress and inconvenience.

Complaint summary

Mr A’s complaint concerns WTW’s failure to switch his investments in the Scheme and the subsequent financial loss he has allegedly incurred. Specifically:-

• WTW did not carry out his instructions to switch his investments in the Scheme between the UK Property Fund (the Property Fund) and the Emerging Markets Active Fund (the Emerging Markets Fund).
• If he had known that the switch had not taken place, he would have invested $330,000 in emerging market equities from his Interactive Brokers’ account (the brokerage account), which was separate to the Scheme. This amount is the equivalent US Dollar value of the units he held in the Property Fund in March 2020.
• On numerous occasions, WTW misinformed him that the switch had taken place and delayed responding to his emails.