Sipp charges cost adviser

Mr Lawrence said: “In any case the overall charges of the Sipp were still higher than the group personal plan. 

“So, based on the costs that were disclosed, it seems unlikely that Mr H would be better off as a result of transferring and there’s no evidence to show that the other benefits would have made up for that situation.”

The ombudsman also said the investment strategy set out for Mr H did not outweigh the higher charges that he would incur and R&Quiem had been unable to illustrate that he’d be better off as a result of the transfer. 

Mr Lawrence added: “I’m not persuaded the reasons were sufficiently compelling to justify the extra costs involved and I’m not persuaded that Mr H had a need for those services in any case.”

Therefore, he ordered the adviser to pay compensation which would put Mr H as closely as possible into the position he would now be in if he had been given suitable advice.

It must also pay Mr H £150 for the disruption caused to his retirement planning.

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