Not upheld: Service failures generally complaint against JAMES HAY ADMINISTRATION COMPANY LIMITED
Financial Ombudsman decision DRN-5791640 of 2025-09-11T00:00:00+00:00. Service failures generally complaint against JAMES HAY ADMINISTRATION COMPANY LIMITED. Outcome: Not upheld.
Decision detail
| Reference | DRN-5791640 |
|---|---|
| Decision date | 2025-09-11T00:00:00+00:00 |
| Firm | JAMES HAY ADMINISTRATION COMPANY LIMITED |
| Product | Pension |
| Claim type | Service failures generally |
| Outcome | Not upheld |
| Remedy | £500 for distress and inconvenience (already paid) and undertaking a loss assessment if Mr R requires it, conditional on Mr R providing relevant information including details of investments made with new SIPP provider and relevant dates. |
Summary
Mr R complained to James Hay, his SIPP administrator, about three issues: incorrect interest rate information on a Cash Panel Account, delays in liquidating assets from a former investment manager, and delays in transferring his SIPP to a new provider. James Hay upheld the interest rate complaint and offered £500 for distress and inconvenience. The ombudsman found that while James Hay did provide misleading information about the interest rate and delayed the transfer, Mr R had not suffered financial loss because he would not have invested differently even with correct information. The ombudsman upheld James Hay's offer of £500 and commitment to undertake a loss assessment regarding the transfer delay.
The Ombudsman's reasoning
The ombudsman agreed that James Hay gave incorrect information about the interest rate and delayed the transfer. However, applying the FOS approach to misleading information, the ombudsman found that Mr R had not suffered financial loss because he would not have acted differently even with correct information. Mr R was seeking a 'safer haven' for his money after previous losses, so he would likely not have invested in markets regardless. The ombudsman concluded that £500 for distress and inconvenience was fair and reasonable, and that a loss assessment for the transfer delay was appropriate.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| JAMES HAY ADMINISTRATION COMPANY LIMITED, all decisions | 9 | 33% |
| Service failures generally, all decisions | 32,767 | 33% |
| Pension, all decisions | 15,579 | 47% |
Source
Read the original decision on the Financial Ombudsman Service website