Upheld: Service failures generally complaint against Gatehouse Bank Plc
Financial Ombudsman decision DRN-2896651 of 2021-11-08T00:00:00+00:00. Service failures generally complaint against Gatehouse Bank Plc. Outcome: Upheld.
Decision detail
| Reference | DRN-2896651 |
|---|---|
| Decision date | 2021-11-08T00:00:00+00:00 |
| Firm | Gatehouse Bank Plc |
| Product | Savings / ISA |
| Claim type | Service failures generally |
| Outcome | Upheld |
| Remedy | Gatehouse Bank Plc must pay Mr L £75 compensation for the distress and inconvenience encountered. |
Summary
Mr L complained about conflicting advice from Gatehouse Bank Plc regarding the guaranteed interest rate period on his fixed term deposit account. After applying for the account, Mr L received conflicting information suggesting he had either 14 or 45 days to transfer his deposit and qualify for the advertised rate. This confusion caused Mr L significant concern and pressure, particularly as he had limited funds to gather within the timeframe. The ombudsman upheld the complaint, finding the conflicting information was genuinely unclear and caused Mr L distress and inconvenience, and ordered Gatehouse Bank Plc to pay £75 compensation.
The Ombudsman's reasoning
The ombudsman found that Mr L was left confused about the timeframe to transfer his deposit and qualify for the advertised interest rate due to conflicting information. The ombudsman noted Mr L had researched and committed to the investment, and the conflicting guidance caused him worry and concern. The fact that other customers raised the same issue supported the conclusion that the information was genuinely unclear. Therefore, compensation for distress and inconvenience was warranted.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Gatehouse Bank Plc, all decisions | 10 | 35% |
| Service failures generally, all decisions | 32,767 | 33% |
| Savings / ISA, all decisions | 7,667 | 22% |
Source
Read the original decision on the Financial Ombudsman Service website