AJ Bell Investcentre Self-invested Personal Pension (PO-17409)

Ombudsman’s Determination

Outcome

Mr M’s complaint against AJ Bell Investcentre 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) AJ Bell Limited should compensate him for any loss of interest, and pay him an award of £500 in respect of the significant non-financial injustice he has suffered.

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

Complaint summary

Mr M’s complaint against AJ Bell Investcentre is that it failed to notify changes to the interest rates that applied to his deposit account and unreasonably delayed processing his instruction to close the account. He has been financially disadvantaged as a result.