James Hay Modular iSIPP (CAS-60559-J2R8)

Ombudsman’s Determination

Outcome

Mr R’s complaint is upheld and to put matters right James Hay shall: 

• put Mr R back into the same financial position he would have been in if the cash from the SIPP had been transferred to Interactive Investor (II) on 7 September 2020 and invested in the Baillie Gifford Japanese Smaller Companies Accumulation Fund (the Baillie Gifford Fund);
• reimburse his platform charges between 7 September 2020 and 16 October 2020; and
• pay him £1,000 for causing him serious distress and inconvenience.

Complaint summary

Mr R complained that James Hay caused delays to the transfer of his holdings in the SIPP and did not keep him updated on how the transfer was progressing. He had wanted to invest the cash but was not able to during the transfer. He has said that the delay and poor communications caused him to incur financial loss and suffer serious anxiety, impacting on his long-term health

Mr R asked to be reimbursed for financial loss, the charges he paid during the transfer process, and to receive an award for the distress caused to him by James Hay’s delays. Mr R submitted that his total award should be at least £150,000.