Hornbuckle Mitchell SIPP (PO-9847)

Ombudsman’s Determination

Outcome

Mr Y’s complaint against Hornbuckle is partly upheld, but there is a part of the complaint I do not agree with. To put matters right (for the part that is upheld) Hornbuckle should conduct a loss assessment and also pay Mr Y £500 as compensation for the significant distress and inconvenience suffered.

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

Complaint summary

Mr Y has complained about the administration of his SIPP. Hornbuckle incorrectly transferred the full value of a separate personal pension plan (PPP) into his SIPP. This caused the PPP to be closed, and while the situation was put right his funds were disinvested.

Mr Y has also said that Hornbuckle incorrectly handled the purchase of unlisted shares by his SIPP, causing him to be out of the market for a period of time.

Mr Y considers that Hornbuckle should redress any investment loss, pay his representative’s costs and pay compensation for distress and inconvenience.