“I don’t think he could have been expected to know that something had gone wrong when, after the transfer, he was told that there was no Sipp account. But I think Equiniti should have realised this and taken immediate steps to remedy the problem.”
He concluded that Equiniti should cover any charges Mr H may face from HMRC for the unauthorised payment out of his pension and for any charge he may face for his contribution exceeding his annual allowance.
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It must also pay him £400 for the trouble and upset and compensate him for his investment losses.
amy.austin@ft.com
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