Curtis Bank SIPP (PO-2898)

Subject

Mr Clay alleges that he has suffered a financial loss due to the failure of Curtis Banks Plc (Curtis Banks) to complete an “in specie” transfer of the SIPP assets on a timely basis. He also complains that he has suffered distress and inconvenience because of the delays incurred by Curtis Banks for which he should be compensated.

The Deputy Pensions Ombudsman’s determination and short reasons

The complaint should not be upheld against Curtis Banks because I am satisfied that the compensation payment offered by Curtis Banks of £1,500 in recognition of any financial loss and distress and inconvenience suffered by Mr Clay as a result of any delay in the transfer process attributable to them is in the broad range I would expect to see in circumstances comparable to his.