Not upheld: Account administration errors complaint against Phoenix Life Limited trading as Standard Life
Financial Ombudsman decision DRN-6425306 of 2026-06-17T00:00:00+00:00. Account administration errors complaint against Phoenix Life Limited trading as Standard Life. Outcome: Not upheld.
Decision detail
| Reference | DRN-6425306 |
|---|---|
| Decision date | 2026-06-17T00:00:00+00:00 |
| Firm | Phoenix Life Limited trading as Standard Life |
| Product | Pension |
| Claim type | Account administration errors |
| Outcome | Not upheld |
| Remedy | £350 compensation already paid by Standard Life for distress and inconvenience; financial reconstruction of SIPP to correct position; completion of partially funded investment purchase with backdated historic unit price. |
Summary
Mr A complained that Standard Life wrongly processed a duplicate £20,000 pension payment from his SIPP, failed to return the funds promptly, and provided inadequate responses to his subsequent correspondence. Standard Life acknowledged the errors, rectified Mr A's financial position by reconstructing the SIPP and completing a partially funded investment purchase, and paid £350 compensation. The ombudsman upheld Standard Life's resolution, finding that while the firm's communication was delayed and inefficient, it ultimately put Mr A back into the correct financial position and the compensation was fair and reasonable in the circumstances.
The Ombudsman's reasoning
The ombudsman found that while Standard Life failed to respond to Mr A in a timely and efficient manner and caused unnecessary frustration and distress, the firm ultimately took appropriate steps to rectify Mr A's financial position by reconstructing the SIPP to reflect the position had the duplicate payment not occurred, including correcting the partially completed investment purchase. The ombudsman determined that the £350 compensation paid by Standard Life was fair and reasonable for the distress and inconvenience caused, falling within the range of awards made in similar circumstances. The ombudsman declined to refer the matter to the FCA as it did not meet the threshold for referral and was not considered a wider systemic issue.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Phoenix Life Limited trading as Standard Life, all decisions | 8 | 12% |
| Account administration errors, all decisions | 26,544 | 25% |
| Pension, all decisions | 15,602 | 47% |
Source
Read the original decision on the Financial Ombudsman Service website