Prudential Personal Pension (PO-13575)

Ombudsman’s Determination

Outcome

Mr Y’s complaint is upheld against Fidelity only. To put matters right, Fidelity should pay £6,275.69 into Mr Y’s Self Invested Personal Pension (SIPP) in recognition of the transfer value he has lost due to Fidelity’s maladministration. Fidelity must also pay him £500 in recognition of the significant distress and inconvenience it caused.

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

Complaint summary

Mr Y complains that as a result of several delays in the transfer process, from his fund being transferred from the Plan to his Fidelity SIPP, he has suffered a financial loss as his transfer value was lower.