AJ Bell​​ Youinvest SIPP (CAS-43661-G4N2)

Ombudsman’s Determination

Outcome

Mr Y’s complaint is upheld. To put matters right ​AJ Bell​ shall pay Mr Y a sum equivalent to the loss arising from its mistake. The financial loss has been established at £10,488.94. To this sum should be added interest at the applicable Bank of England Base Rate between the date the transaction should have taken place, being 1 August 2019 and the date of settlement of this complaint. AJ Bell shall also pay Mr Y the sum of £500 for the distress and inconvenience he has suffered in pursuit of his complaint.  

Complaint summary

Mr Y’s complaint is that he has suffered a financial loss due to AJ Bell’s mistake in sending incorrect transfer instructions to Nucleus. This mistake resulted in a delay, during which time the stocks he held fell in value, meaning Mr Y incurred a financial loss. Mr Y wants AJ Bell to make good his loss.