Mr S’s Small Self-Administered Scheme (PO-7821)

Ombudsman’s Determination

Outcome

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

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

Complaint summary

Mr S complains that James Hay misled him into believing that he could invest the SSAS funds at any time and without restriction into “land options” projects initiated by Sharba Homes Ltd. He says that he only set up the SSAS and transferred around £367K into it from a final salary pension arrangement in April 2013 because James Hay had categorically assured him verbally of this, via his Independent Financial Adviser (IFA).