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The FundsNetwork SIPP (PO-3127 and PO-3748)

Complainant: Mr Martin Houghton and Dr Frieda Houghton
Complaint Topic: Transfers: general
Ref: PO-3127 and PO-3748
Outcome: Upheld
Respondent: 1. Fidelity Worldwide Investment (Fidelity)
2. EBS Management plc (EBS)
Type: Pension complaint or dispute
Date:

Complaint summary

Mr Houghton and his wife, Dr Houghton, complain that Fidelity, the transferring scheme manager, and EBS, the receiving scheme administrator, arranged the transfer of the fund value without authority of their own accord and as cash, not in specie as intended.

Summary of the Ombudsman’s determination and reasons

The complaint should be upheld against EBS because they sent a letter that Fidelity reasonably understood as a request for a cash transfer.

View determination

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