Not upheld: delays in annuity quotation process and alleged resulting financial loss complaint against HUB Financial Solutions Limited

Decision detail

Summary

Mr S complained that HUB Financial Solutions Limited caused him financial loss by delaying the provision of annuity quotations for his Phoenix Life pension. He had to wait 4-5 working days for appointments and received lower quotes than those available from other providers. HUB explained that appointment delays were unavoidable, annuity rates change daily, and they could only quote rates available on the open market at the time. The ombudsman found the wait times reasonable, determined HUB caused no delay, and concluded that Mr S suffered no financial loss as he was free to shop around and potentially obtain the higher quote from another provider.

The Ombudsman's reasoning

The ombudsman found that appointment wait times of 4-5 working days were reasonable and represented the first available slots. Since HUB was not responsible for delays, the subsequent changes in annuity quotations could not be attributed to HUB's actions. The ombudsman noted that annuity rates change daily based on market factors beyond HUB's control, and Mr S was free to shop around with other providers. The higher quote Mr S obtained elsewhere was not lost due to HUB's conduct.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website