The Tenco Executive Pension Scheme (CAS-38354-V5L8)

Ombudsman’s Determination

Mr T has complained that James Hay caused an undue and avoidable delay in the transfer of his pension to a new provider. As a result, he lost the opportunity to invest in the stock markets immediately following the Brexit referendum result on 23 June 2016. 

Summary of the Ombudsman’s Determination and reasons

The complaint shall be upheld, because due to James Hay’s unreasonable delays Mr T has lost the opportunity to make a financial profit. To compensate him for this, James Hay shall pay £43,700 (plus interest) to his new pension plan.