Standard Life Self Invested Personal Pension Plan (PO-3174)

Subject

Ms Jones has complained that Standard Life, the SIPP administrators mismatched the SIPP member’s share of a property asset with their share of the associated mortgage. She says that the mismatch led to the mortgage going into arrears which resulted in them having to sell the property at a loss.

Summary of the Ombudsman’s determination and reasons

The complaint should be not be upheld against Standard Life because they acted legitimately in determining the share of the property asset and mortgage between the SIPP members and had received appropriate agreement from her independent financial advisers, Deep Blue Financial Limited (DBFL).