TPO orders AJ Bell to compensate client after £10k transfer error

Client had requested a full cash transfer from Nucleus to AJ Bell

clock • 2 min read

The Pensions Ombudsman (TPO) has upheld a complaint against AJ Bell from a client who suffered a financial loss of more than £10,000 due to the company sending the incorrect transfer instructions to Nucleus.

The complainant suffered financial loss because the stocks he wanted to transfer fell in value during the delay, resulting in a £10,488.94 loss. AJ Bell has been ordered to recompense its client for the loss, the interest on this amount between the date of transactions as well as £500 for the distress and inconvenience caused to the client. The client - known as Mr Y - had requested a full cash transfer from Nucleus to AJ Bell. After some confusion relating to account numbers, AJ Bell provided the wrong value of the uncrystallised funds. This caused Nucleus to reject the uncrystall...

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