AJ Bell showing incorrect information

vikkiew

The reported currency column shows in GBP and does not match the price column. The pie chart showing sector distribution is completely wrong. The important figures are correct but be careful relying on the more detailed information. I called them and they told me they will look at it. That was 3 weeks ago.

dealyboy

Hi vikkiew,

There are other areas which also have incorrect information.

The SIPP Portfolio page shows an incorrect percentage movement at previous close of business 90% of the time, although the prices and SIPP totals are correct. Typically the percentage is between 0.01% and 0.03% out. Surely this is simple arithmetic. Correct percentages are shown on Trustnet and iWeb.

The 'Manage my SIPP' page sometimes shows the incorrect 'not accessed' (uncrystallized) and 'accessed' (crystallized) totals. These change on a daily basis due to a fixed percentage SIPP split between uncrystallized and crystallized values being maintained, however the systems software applies the whole movement to the 'not accessed' field first and then reconciles to the 'accessed' field at a different time and dependent on when the 'Manage my SIPP' option is selected. This software mechanism is weak and prone to failure. The result can be significantly wrong. I found that when my funds had increased in price by 1.8% one day causing the overall value to increase by about 1%, my 'not accessed' figure increased by 12% the following day. The figures are usually corrected 24 hours later.

AJ Bell Youinvest's response has been complacent. I spoke to them numerous times and submitted a formal complaint but they suggested the software change would be too difficult, however they submitted it for feedback to the website IT team. They stated that the figures were indicative only. My view is that if the figures cannot be relied upon to make a PCLS, UFPLS or drawdown decision then at the very least there should be a disclaimer message on the pages in context.

I have reported AJ Bell to the FCA for a breach of Principle 7 of the FCA Handbook and have raised a complaint with the Financial Ombudsman Service.