Upheld: Account administration errors complaint against Evelyn Partners Investment Management Services Limited
Financial Ombudsman decision DRN-6168820 of 2026-02-27T00:00:00+00:00. Account administration errors complaint against Evelyn Partners Investment Management Services Limited. Outcome: Upheld.
Decision detail
| Reference | DRN-6168820 |
|---|---|
| Decision date | 2026-02-27T00:00:00+00:00 |
| Firm | Evelyn Partners Investment Management Services Limited |
| Product | Pension |
| Claim type | Account administration errors |
| Outcome | Upheld |
| Remedy | 1) Calculate and pay interest on £1,035.97 at 8% simple per annum from 9 September 2024 to 24 October 2024 (the actual date Mr T received compensation). 2) Pay £200 compensation for distress and inconvenience caused by the delay, need to rearrange payment, and challenges in resolving the situation. Bestinvest to provide tax deduction certificate if requested. |
Summary
Mr T complained that Bestinvest incorrectly confirmed to Business A that it could accept a compensation payment into his SIPP, despite Mr T having transferred his SIPP to another provider (Business I) months earlier. When the compensation was paid to Bestinvest's administrator (Business E) on 9 September 2024, it was immediately transferred to Business I, which then returned it multiple times as it did not expect the funds and believed they were sent in error. This caused significant delays, with Mr T ultimately arranging alternative direct payment from Business A on 24 October 2024, and the original payment not being resolved until March 2025. The ombudsman upheld the complaint, finding that Bestinvest should have disclosed Mr T's SIPP transfer status to Business A, enabling it to make an informed decision about payment routing. The ombudsman awarded interest on the delayed compensation and £200 for distress and inconvenience.
The Ombudsman's reasoning
Bestinvest's response to Business A was inaccurate because while Business E could technically receive the funds, it could not accept them or remit them to Mr T's SIPP as the SIPP had already closed. Acting fairly and reasonably, Bestinvest should have explained the true position to Business A to enable an informed decision. The ombudsman found this was a foreseeable consequence of Bestinvest's error. If accurate information had been provided on 23 August 2024, Business A would have contacted Business I directly, and although Business I likely would not have accepted the payment, the compensation would have been paid to Mr T direct by 9 September 2024, avoiding the lengthy delays and confusion that actually occurred.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Evelyn Partners Investment Management Services Limited, all decisions | 22 | 34% |
| Account administration errors, all decisions | 25,844 | 25% |
| Pension, all decisions | 15,579 | 47% |
Source
Read the original decision on the Financial Ombudsman Service website