Bellpenny must pay £100 for advice delay

Bellpenny must pay £100 for advice delay

Capital Professional Limited, trading as Bellpenny, has been told to pay a client £100 for the trouble and upset it caused her.

Ms C complained to the Financial Ombudsman Service that Capital Professional did not provide her with any advice or service for more than six months, despite taking fees and commission of more than £550.

She claimed to have not been consulted on the transfer of her business and therefore had not received advice about the implications of a bulk transfer.

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The decision notice explained she paid £550 for a “renewal adviser service” which she did not receive, adding advice should have been given by Bellpenny regardless of her business being transferred by bulk transfer or not; especially at such a crucial time for her investment.

She thought that as Bellpenny had agreed it had not provided a service, it would have offered her reimbursement of at least 50 per cent of the payment received for the non-existent service.

When Ms C complained to Bellpenny, the intermediary had offered her £100.

Ombudsman David Ashley said he partially upheld the complaint, but on the basis that Bellpenny could have offered advice more swiftly.

Mr Ashley said different firms provide different types of services and he did not think there was an agreement for Bellpenny to provide the type of service where it actively monitored Ms C’s investments and proactively gave advice on them.

He said it seemed likely that Ms C was alerted that the transfer of her business had taken place, so she could have contacted Bellpenny for advice when she required it.

He concluded: “While I understand why Ms C is unhappy with the situation, I think the firm’s error ultimately was not to do what it said it would in a timely manner.”