Alliance Trust Savings to compensate client after 22-day delay on SIPP transfer

Delay of 22 days

Sophie King
clock • 3 min read

Adviser and D2C platform Alliance Trust Savings (ATS) has been ordered to pay compensation to a client by the ombudsman after it caused "at least a 22 day delay" on a SIPP transfer.

The client, referred to as 'Mr G' by the Financial Ombudsman Service (FOS), requested his self-invested personal pension (SIPP) to be transferred from a third party firm - named Company H by FOS - to ATS on 31 August 2017. The request stated that, where possible, the SIPP assets should be transferred to ATS ‘in-specie' - in the real or actual form specified.  Company H sent a list of assets to ATS on 6 October and asked it to confirm they were acceptable to move into the platform company's SIPP. ATS said it did not receive the email until it was re-sent on 31 October, some three weeks...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA warns on loan notes and mini-bond investment risks

FCA warns on loan notes and mini-bond investment risks

Urges consumers to be wary of high-risk investments

Jenna Brown
clock 20 August 2026 • 2 min read
SVS Securities CEO banned and fined

SVS Securities CEO banned and fined

Demetrios Hadjigeorgiou barred from working in senior management positions

Jenna Brown
clock 20 August 2026 • 2 min read
Suitability rules overhaul: Why firms should engage now, not later

Suitability rules overhaul: Why firms should engage now, not later

'The bigger shift is philosophical, not just structural'

Marjolaine Quirke
clock 19 August 2026 • 3 min read