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

Decision detail

Summary

Mr C invested in a Jupiter unit trust fund and requested encashment on 6 October 2021. The proceeds were delayed from the expected 11 October release date until 29 October 2021 due to an internal error at Jupiter, where staff mistakenly believed they were waiting for further documentation from Mr C. The delay caused Mr C concern that his money might not be safe, and he was unhappy with Jupiter's communication. Jupiter acknowledged the error and offered £100 compensation. The ombudsman found this compensation fair and reasonable, not upholding the complaint, as Jupiter's security checks were appropriate and the compensation adequately reflected the distress caused by the delay.

The Ombudsman's reasoning

The ombudsman acknowledged that Jupiter's systems for checking fund releases are appropriate and necessary for consumer protection. However, Jupiter made an internal error that caused an additional 10-day delay beyond its normal 4-day process. While the ombudsman understood Mr C's frustration about lack of communication during the delay, she considered Jupiter was limited in what it could disclose whilst conducting checks. The ombudsman found Jupiter's £100 compensation offer to be fair and reasonable given the circumstances and the distress caused.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website