Not upheld: Service failures generally complaint against Jupiter Unit Trust Managers Limited

Decision detail

Summary

Mr N, who had no permanent address, requested withdrawal of approximately £16,000 from his stocks and shares ISA with Jupiter in September 2018. Jupiter required verification of identity and address before releasing funds. After receiving conflicting address information from Mr N, Jupiter decided to proceed via bank transfer rather than cheque, requiring bank account verification. The funds were ultimately released on 25 February 2019, approximately four months after the initial request. Mr N complained about the delay and alleged financial loss. The ombudsman found Jupiter acted fairly and reasonably throughout, complying with regulatory requirements and acting promptly once proper documentation was received, so the complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that Jupiter had to comply with regulatory requirements to verify identity and prevent fraud/money laundering. Jupiter's decision to reject the first withdrawal form due to address mismatch was reasonable. The decision to require bank transfer verification rather than cheque was reasonable given the conflicting address information Mr N provided. Jupiter acted promptly once they received the required documentation. The investment value increased between the two submission dates, so no financial detriment resulted from the initial delay.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website