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 removes regulatory permissions from advice firm over breaches

FCA removes regulatory permissions from advice firm over breaches

Ups assets restriction and notes unpaid FOS award

Jen Frost
clock 22 December 2025 • 2 min read
 FCA chief: No allegations of Budget leak market abuse so far

FCA chief: No allegations of Budget leak market abuse so far

Told MPs on the Treasury Committee the leak caused serious concern

Alex Sebastian
clock 16 December 2025 • 3 min read
FCA's non-financial misconduct rules 'opaque' over social media activity

FCA's non-financial misconduct rules 'opaque' over social media activity

Lack of definitions and case studies

Cristian Angeloni
clock 16 December 2025 • 2 min read