Sippchoice Bespoke SIPP –  Estate of Mr Y (PO-18906)

Ombudsman’s Determination

Outcome

I do not uphold the Executor’s complaint and no further action is required by Sippchoice Limited

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

Complaint summary

This complaint was originally brought by Mr Y and Mrs R has agreed to continue the complaint following his untimely death. Mr Y complained that Sippchoice did not carry out sufficient due diligence at the time that he made an investment with Imperium Enterprises Limited (Imperium). He wished to recover the losses he made and avoid a tax bill for an unauthorised payment. Mr Y also considered that there was a potential conflict of interest in employees from Sippchoice being appointed as directors of Imperium.