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Curtis Banks SIPP (PO-27587)

Complainant: Mr X
Topic: Charges/fees
Ref: PO-27587
Outcome: Partly upheld
Appeal outcome: None
Respondent: Curtis Banks
Colston Trustees Limited (the Trustee)
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman’s Determination

Outcome

Mr X’s complaint against Curtis Banks and the Trustee is partly upheld. To put matters right Curtis Banks shall, within 14 days of the date of this Determination, transfer the £1,440 charged to the SIPP for ‘Annual Non-Block Insurance Fees’ and VAT to Mr X’s current pension provider and pay any charges and/or sanctions that may be incurred as a result of the transfer.

Complaint summary

Mr X has complained about the additional fees that his SIPP incurred in relation to his property investments in 2017 and 2018, and pension as a whole. He argues that it was not made clear to him that the SIPP charges would increase. Further, he did not see how the increase in fees was justified as nothing “fundamentally changed within [the] SIPP between [the period before and after the fee changes].” He would like £5,282.50 refunded and £1,000 for the distress and inconvenience.

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