Hornbuckle Mitchell SIPP (PO-11210)

Ombudsman’s Determination

Outcome

I do not uphold Mr S’ complaint and no further action is required by Hornbuckle.

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

Complaint summary

Mr S says Hornbuckle applied new fees – administration of a building fee, self-managed risk premium, and non-block insurer risk premium, based on a fee schedule that he has not previously seen (or agreed to). The policy terms he agreed to do not say Hornbuckle reserves the right to introduce new fees or increase fees above that stated in the original fee schedule.

Mr S says Hornbuckle told him that the assets held in his Policy are classed as a ‘single non-standard investment’ – which carries a £375 annual administration fee, but he was charged £600. Mr S says Hornbuckle has not given him a proper explanation for this.