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Fidelity FundsNetwork Pension (CAS-74121-W6S9)

Complainant: Mr R
Complaint Topic: Transfers: general
Ref: CAS-74121-W6S9
Outcome: Partly upheld
Respondent: Fidelity International
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman’s Determination

Outcome

Mr R’s complaint against Fidelity is partly upheld. To put matters right, Fidelity shall follow the actions set out in the section, “Directions”.

Complaint summary

Mr R complained that, as part of the transfer of his drawdown account, Fidelity delayed the sale of units he held in three funds managed by Invesco Perpetual (the Invesco Funds). In the intervening period, the unit price of the Invesco Funds decreased, so Mr R said that he suffered a financial loss as a result of the delay.

Mr R also complained about the overall time taken by Fidelity to complete the transfer of his drawdown account.

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