AJ Bell Platinum SIPP (PO-12984)

Ombudsman’s Determination

Outcome

I do not uphold Mr N’s complaint and no further action is required by A J Bell.

My reasons for reaching this decision are explained in more detail below.

Complaint summary

Mr N is unhappy with the administration fees AJ Bell has charged the SIPP. He says that his transfer value should not be reduced to pay for the scheme sanction charges (SSC) plus the interest accrued. Mr N also says:-

• Leading up to the sale of the property held within the SIPP, he was not told there were outstanding fees to be paid.
• The statements provided did not allow him to calculate the outstanding balance of the fees.
• He considered that the rent from the property had covered the fees and, had he known there was an outstanding balance, he would have delayed the sale until such time as the fees were paid.

In order to put matters right, Mr N would like AJ Bell to compensate him as follows:

• By reducing the fees charged for the previous 14 years.
• As a result of not having sufficient information available about the fees payable, and for believing the rent paid had cleared the outstanding balance of fees, he sold the property some 6 to12 months earlier than he would otherwise have done. He considers the misinformation has cost him between £4,000 and £5,000, but feels that a payment of £4,500 by AJ Bell would be a fair settlement.
• He also requests a payment for the distress and inconvenience caused for his efforts in obtaining the information AJ Bell should have provided without being asked.