Not upheld: Account administration errors complaint against Evelyn Partners Investment Management Services Limited

Decision detail

Summary

Mr D complained that Evelyn Partners failed to clearly disclose the minimum annual fee of £120 (£10 monthly) for his SIPP before he opened it online on 27 March 2024. Mr D held uninvested cash in the SIPP and was surprised by the charge, as his previous provider did not charge for uninvested cash. He argued the fee was buried in the 15-page Key Facts document and that Evelyn had failed to meet Consumer Duty requirements for clarity and transparency. The ombudsman found that the minimum fee was clearly stated in section 4.b.i. of the Key Facts document on the first available page after header pages, explicitly noting it applied 'even if fully held in cash', and that Mr D was required to confirm he had read the document before opening the account. The ombudsman also found the £120 annual charge was reasonable and not out of line with comparable market rates, and therefore did not uphold the complaint.

The Ombudsman's reasoning

The ombudsman found that the minimum fee was clearly presented in the Key Facts document on the first available page after header pages, explicitly stating it applied 'even if fully held in cash'. The online information also disclosed the £120 annual minimum service fee. The ombudsman rejected Mr D's argument that the information was buried in small print, finding it was presented in a clear and accessible way. The ombudsman also found the £120 annual charge was reasonable for maintaining and administering the SIPP and was not out of line with comparable market rates. While acknowledging Mr D's financial circumstances, the ombudsman concluded he should have carefully reviewed the charges given their importance to him, and that he was required to confirm he had read the relevant documents before opening the account.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website