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...

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

Dennis Hall's open letter to the FCA: Time to retire RU64

Dennis Hall's open letter to the FCA: Time to retire RU64

'The rule is particularly misaligned with client expectations'

Dennis Hall
clock 01 May 2025 • 2 min read
Complaints against financial services firms fall below 1.8 million

Complaints against financial services firms fall below 1.8 million

All major product groups saw fewer complaints

Sahar Nazir
clock 30 April 2025 • 2 min read
FCA backs artificial intelligence with live testing service

FCA backs artificial intelligence with live testing service

Wants AI to keep the UK competitive

clock 29 April 2025 • 2 min read