Not upheld: mis-selling of SIPP and alleged failure to disclose fees and terms; inadequate investment due diligence complaint against Morgan Lloyd SIPP Services Limited

Decision detail

Summary

Mr L complained that Morgan Lloyd SIPP Services Limited mis-sold him a SIPP and failed to disclose its fees and terms. This was his second complaint; a previous complaint about investment losses had been decided in June 2025 and not upheld. The ombudsman found that almost all points in the August 2025 complaint had already been considered in the previous decision and dismissed them without reconsidering their merits under DISP 3.3.4B(3). The one new complaint point regarding fee disclosure was not upheld because ML had provided detailed fee information and terms to Mr L on 12 March 2018, before he signed the SIPP application on 13 March 2018. No remedy was ordered.

The Ombudsman's reasoning

The ombudsman applied DISP 3.3.4B(3) to dismiss most complaint points as the subject matter had previously been considered in the June 2025 final decision, and no material new evidence likely to affect that outcome had become available. The information Mr L cited about ML's lack of due diligence was already considered in the previous complaint. Regarding the new complaint point about fee disclosure, the ombudsman found that ML had provided detailed fee information and terms to Mr L on 12 March 2018, before he signed the application on 13 March 2018, and the application form itself referenced the Key Features and Terms and Conditions, giving Mr L the opportunity to seek clarification.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website