F Fradley & Son Ltd Executive Scheme (PO-12123)

Ombudsman’s Determination

Outcome

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

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

Complaint summary

Mr Y made a complaint in three parts following the full surrender of his policies in the Scheme. He said:

• the exit charges that were applied on the policy invested in the Managed Pension Fund are “illegal”;
• the value of the policy invested in the Guaranteed Pension Plus Fund is approximately £6,500 less than it should be with no explanation given by Countrywide as to why; and
• the annual management charges on the Managed Pension Fund policy are “disproportionate and not applicable to the status of the fund”.