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

The impact of the Overseas Fund Regime explained

The impact of the Overseas Fund Regime explained

Initially covers UCITS funds issued in most EU and EEA member states

Mark Rendle
clock 18 August 2025 • 3 min read
Viewing Consumer Duty through the vulnerability lens

Viewing Consumer Duty through the vulnerability lens

Clients can be vulnerable in many ways

Mark Sanderson
clock 14 August 2025 • 4 min read
Why the FCA's data request demands more than compliance

Why the FCA's data request demands more than compliance

Shift towards data-driven regulation arrives at a 'pivotal juncture'

Claire Cherrington
clock 31 July 2025 • 4 min read