Money from Bank Account but not added to SIPP

mssloan

Hi,

I have a SIPP with Interactive Investor, which is managed by The Lifetime SIPP Company and a bank account with First Direct. The SIPP used to be managed by AJ Bell and I didn't have any problems at that time. Interactive Investor migrated the management of the SIPP to The Lifetime SIPP Company and so a new Direct Debit was provided along with a contribution form to The Lifetime Sipp Company. This also involved the setting up of a intermediate bank account at Roal Bank Of Scotland. They must have received these because on Monday 13th February the correct amount of £200 was taken from the correct bank account. More than 8 working days have passed and the money has still not been credited to my SIPP.

Interactive Investor and The Lifetime SIPP Company are saying they don't have the funds and they don't have the contributions form either. They are blaming my bank.

My bank is saying because the money was taken using a Direct Debit mandate they don't have any information on where the money went.

So, who's to blame here and what can I do about it? Obviously I've cancelled the Direct Debit but I'm still down £200.00 and I'm not happy! :mad:

Regards,
mssloan

dunstonh

If the SIPP provider pre-funds then you would see the money appear very quickly. If the SIPP provider does not pre-fund then you will see the money once it has cleared. Many of the small or DIY SIPP providers do not pre-fund.

Direct debits can take up to 8 days to appear on accounts and be classed as cleared depending on the administration of the firm.

A direct debit is controlled by the originator. So, the SIPP provider should exactly know the status of the money.

westy22

I'm with H-L who do not pre-fund, yet my contribution appears in my online account as a cash input on the same day that the DD is taken from my bank and the purchase of funds is done the next day at 8am.