Not upheld: transfer delays and alleged financial loss due to market timing complaint against Phoenix Life CA Limited

Decision detail

Summary

Mr J complained that Phoenix caused avoidable delays in transferring his three pension plans to provider L for annuity purchase, resulting in financial loss as fund values decreased between February and April 2025. He also complained about unclear confirmation letters that did not state the unit pricing date used. The ombudsman found Phoenix acted as a pension administrator within reasonable service standards, processed the transfer on the date provider L instructed (10 April 2025), and was not responsible for market-driven fund value decreases. The complaint was not upheld.

The Ombudsman's reasoning

Phoenix acted as pension administrator, not investment adviser, and was required only to execute instructions from provider L. The transfer was processed within reasonable service standards on the date provider L instructed (10 April 2025). The decrease in fund values between February and April 2025 was due to market conditions, not any delay caused by Phoenix. While Phoenix's confirmation letters lacked clarity on the unit pricing date, the information was available to Mr J when he called Phoenix on 28 April 2025.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website