Upheld: Pension transfer advice complaint against Quai Investment Services Limited
Financial Ombudsman decision DRN-6073369 of 2026-01-21T00:00:00+00:00. Pension transfer advice complaint against Quai Investment Services Limited. Outcome: Upheld.
Decision detail
| Reference | DRN-6073369 |
|---|---|
| Decision date | 2026-01-21T00:00:00+00:00 |
| Firm | Quai Investment Services Limited |
| Product | Pension |
| Claim type | Pension transfer advice |
| Outcome | Upheld |
| Remedy | Quai must: (1) Compare actual value of Mr Q's provider N pension at decision date with notional value if invested on 24 September 2024 in same funds and proportions; (2) Pay compensation if notional value exceeds actual value, plus interest; (3) Pay compensation into pension plan if possible (adjusted for charges and tax relief) or direct to Mr Q if not possible (with notional tax adjustment); (4) Use FTSE UK Private Investors Income Total Return Index as benchmark if provider N cannot calculate notional value; (5) Pay £300 for distress and inconvenience if not already paid; (6) Add 8% simple interest per year if payment not made within 28 days of acceptance. |
Summary
Mr Q complained that Quai caused an avoidable delay in transferring his pension to provider N. Quai inputted an incorrect transfer amount into the Origo system, which prevented provider N from investing the funds for 21 days (24 September to 15 October 2024). Although Quai acknowledged the error and offered a £180 fee refund plus £300 for distress, it did not compensate for financial loss from the delayed investment. The ombudsman upheld the complaint and ordered Quai to calculate the difference between the actual pension value and what it would have been worth if invested on 24 September 2024, paying compensation for any loss plus interest.
The Ombudsman's reasoning
Where a business makes an error, it must restore the consumer's position as far as able. Quai acknowledged its error in inputting the incorrect amount, which prevented investment from 24 September 2024 to 15 October 2024. While Quai's offers of fee refund and £300 compensation were reasonable, they did not address the potential financial loss from the uninvested funds during this 21-day period. To properly restore Mr Q's position, Quai must calculate and compensate for any loss in investment growth that would have occurred had the funds been invested on 24 September 2024.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Quai Investment Services Limited, all decisions | 12 | 100% |
| Pension transfer advice, all decisions | 7,542 | 54% |
| Pension, all decisions | 15,579 | 47% |
Source
Read the original decision on the Financial Ombudsman Service website