Curtis Banks SIPP (PO-8890)
2. Fidelity Worldwide Investment
Ombudsman’s Determination
Outcome
Mr Y’s complaint is upheld and to put matters right Curtis Banks and Fidelity should:
- recalculate the compensation amount payable to Mr Y at the date of settlement;
- Curtis Banks shall pay 64% of this amount into Mr Y’s Fidelity SIPP;
- Fidelity shall pay 36% of this amount into Mr Y’s Fidelity SIPP; and
- Each shall pay Mr Y £250 in recognition of the distress and inconvenience which he has suffered dealing with this matter.
My reasons for reaching this decision are explained in more detail below.
Complaint summary
Mr Y complains that delays on the part of Curtis Banks and Fidelity in effecting a transfer of his pension rights from the Curtis Banks SIPP to the Fidelity SIPP have resulted in an actual financial loss of around £14K. He also contends that he has suffered distress and inconvenience because of these delays.
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