Partially upheld: delays in pension fund transfer and poor communication complaint against Curtis Banks Limited

Decision detail

Summary

Mr E complained that Curtis Banks delayed the transfer of his pension funds from an investment platform (Provider T) back to his SIPP and then to Business H for a foreign currency trade, causing him to miss out on interest and suffer distress. The withdrawal instruction was issued on 5 March 2025 but the transaction did not complete until 2 June 2025. The primary cause of delay was Provider T's requirements for specific documentation and its internal review process, which was not resolved until 8 April 2025. Curtis Banks provided the documents Provider T requested in good faith, though there was initial confusion about which PoA document was needed. The ombudsman found Curtis Banks did not cause the material delays but acknowledged its communication fell short. The ombudsman upheld the complaint in part and found Curtis Banks' offer of £100 compensation for poor communication to be fair and reasonable.

The Ombudsman's reasoning

The ombudsman found that while the transaction took significantly longer than reasonable, Curtis Banks did not cause the material delays. The primary delay was caused by Provider T's requirements for specific documents and its internal review process, which wasn't resolved until 8 April 2025. Curtis Banks provided the documents Provider T requested in good faith, though there was confusion about which PoA document was needed. Regarding the payment to Business H, the delays were not caused by Curtis Banks or issues within its control, and Business H agreed to backdate the settlement date to protect Mr E from any rate disadvantage. However, Curtis Banks' communication fell short at times by failing to proactively provide updates and respond promptly to update requests, which added to Mr E's distress and inconvenience.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website