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...

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