The Pensions Ombudsman has ruled in favour of Standard Life after an investor complained the commission on his self-invested personal pension (SIPP) was not properly explained to him.
The case has since been referred to the Financial Ombudsman Service (FOS) and then to the Financial Services Compensation Scheme (FSCS) as it also contained complaints against the investor's adviser. The complainant, referred to in the ombudsman's notes as Mr King, applied for a Standard Life SIPP in March 2008. King signed a declaration in his application stating that he agreed to its terms and conditions and agreed to his adviser receiving commission. The form allowed King to choose between a funded initial commission, paid monthly from the SIPP for six years; an initial commissi...
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