Partially upheld: SIPP administration, property investment management, lead investor process, rent review, arrears handling, subletting documentation complaint against Suffolk Life Pensions Limited (trading as Curtis Banks)
Financial Ombudsman decision DRN-6389167 of 2026-05-28T00:00:00+00:00. SIPP administration, property investment management, lead investor process, rent review, arrears handling, subletting documentation complaint against Suffolk Life Pensions Limited (trading as Curtis Banks). Outcome: Partially upheld.
Decision detail
| Reference | DRN-6389167 |
|---|---|
| Decision date | 2026-05-28T00:00:00+00:00 |
| Firm | Suffolk Life Pensions Limited (trading as Curtis Banks) |
| Product | pension - SIPP (Self-Invested Personal Pension) |
| Claim type | SIPP administration, property investment management, lead investor process, rent review, arrears handling, subletting documentation |
| Outcome | Partially upheld |
| Remedy | SL to pay Mrs E £1,100 (in addition to previously offered £400 for separate beneficiary process failing) for distress and inconvenience caused by SL's failure to keep her updated on efforts to document subletting of the property. SL undertook to ensure all material correspondence regarding the property investment is sent to both Mrs E and Mr Y going forward. |
Summary
Mrs E complained about SL's administration of her SIPP holding a jointly-owned commercial property leasehold with Mr E and Mr Y. Key issues included: SL's continued dealing with Mr Y as lead investor despite alleged breakdown in syndicate relationships; the 2015 rent review being completed retrospectively at £16,740 per annum using Valuer B's report; the 2020 rent review being waived; arrears owed by Firm T being written off; and the property being sublet without proper documentation. The ombudsman found SL acted fairly regarding the lead investor process and rent reviews, but upheld the complaint regarding SL's failure to keep Mrs E updated on subletting documentation efforts, awarding £1,100 compensation. The 2020 rent review complaint was dismissed as involving multiple eligible complainants without consent from Mr Y.
The Ombudsman's reasoning
The ombudsman found that SL acted fairly in continuing to deal with Mr Y as lead investor after 12 April 2017 because: (1) Mrs E agreed to this arrangement by signing the July 2009 Property form; (2) syndicate members had responsibility to communicate with each other and notify SL if they wanted to change the lead investor; (3) Mrs E and Mr E frequently failed to respond to SL's requests for input on important matters; (4) SL was not obligated to supervise the lead investor or assume the arrangement was no longer wanted without express notification. Regarding the 2015 rent review, the ombudsman found Valuer B's report was compliant with RICS standards and the lease terms, valuing the rent at £16,740 per annum as at 31 March 2015. The ombudsman found SL acted reasonably in waiving Firm T's arrears given the company had dissolved and pursuing them would likely cost more than recovery. However, SL failed to keep Mrs E updated on its efforts to document the subletting of the property, for which £1,100 compensation was awarded.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Suffolk Life Pensions Limited (trading as Curtis Banks), all decisions | 2 | 25% |
Source
Read the original decision on the Financial Ombudsman Service website