Upheld: Pension transfer advice complaint against EBS Pensions Limited

Decision detail

Summary

Mrs H complained that EBS Pensions Limited unreasonably delayed completing her pension transfer to another provider. The transfer of her SIPP was largely completed by January 2024, but EBS did not issue formal transfer confirmation until 11 March 2024, approximately 39 days later than reasonable. Mrs H claimed the delay prevented her receiving a PCLS payment and delayed share investments, forcing her to borrow from family to repay her mortgage. The ombudsman upheld the complaint, finding EBS fell short of reasonable standards in confirming transfer details, but rejected claims for financial loss compensation due to insufficient evidence from Mrs H. EBS was directed to pay £200 for distress and inconvenience caused.

The Ombudsman's reasoning

EBS fell short of reasonable standards in confirming transfer details to the receiving provider, with a 39-day delay beyond the reasonable timeframe of 1 February 2024. While Mrs H claimed financial losses from delayed PCLS payment and missed investment opportunities, she failed to provide sufficient evidence of actual losses despite being given extended time to do so. The in-specie nature of most of the transfer meant investment losses were unlikely. However, the delay clearly caused distress and inconvenience, justifying compensation for non-financial harm.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website