Fidelity SIPP cash back not honoured

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Hutchison99's review of Fidelity www.fidelity.co.uk

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“Fidelity SIPP cash back not honoured”

Written on: 10/05/2017 by Hutchison99 (1 review written)

I opened a SIPP account for my wife to test the platform and then opened a personal SIPP and transferred in a significant sum. Part of the attraction was the cashback Fidelity offered and during the long process everytime I spoke to Fidelity I was reassured the cashback would be paid. It then transpired the Cashback offer lapsed for 2 weeks and was reintroduced in late march but they deemed my account was opened during the lapse period so would honour the offer. I decided to not invest and opened a complaint for them to review the conversations which verified I had not been told it would not be honoured but they still refused to pay the cashback offer even when the promotion is still running today! I escalated and after another 10 days of waiting and loosing gains in the market through not being invested pending the decision they again said NO. I decided to close the account and move to TD but now they have decided to hold up the transfer for 10 working days whilst a minuscule amount of £71 clears their systems. I demanded they transfer the bulk which has been in cash all these weeks but they refused, I asked for a customer service director to call me back but nothing.
My conclusion is therefore: Ineffective management who do not review complaints and make poor decisions. No suitable escalation process. SIPP tax is only credited 4-6 weeks after net payments are received yet other like L&G credit it instantly, no visible customer charter, do not honour their verbal commitments, dishonestly hold back funds.
The whole episode has taken weeks with me out of the market loosing money whilst equity index's increased. I cannot believe how such a large investment organisation imparts such an uncaring and dishonourable attitude to their new wealth customers and whilst I never write up reviews on companies I have been compelled to do so on this occasion. My family and friends will be steering well clear of Fidelity.

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