Not upheld: Service failures generally complaint against Embark Investment Services Limited

Decision detail

Summary

Mr S complained to the FOS about SWP following his ISA migration to their platform in October 2023. He experienced system errors displaying incorrect tax information, difficulty resolving these issues, and a delay in transferring his ISA to another provider between 13-28 March 2024. Mr S sought full apology and additional compensation beyond the £350 and fee refund SWP had already offered. The ombudsman found that while SWP's errors caused distress, the firm took responsibility, provided appropriate apologies, answered all 99 questions raised, and offered fair compensation. The ombudsman rejected Mr S's speculative investment loss claims and found no financial disadvantage from the transfer delay as he remained invested throughout. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman acknowledged that SWP's system errors and transfer delays caused Mr S distress and inconvenience, but found that SWP took responsibility, provided appropriate apologies, and offered fair compensation. The ombudsman rejected Mr S's claim of investment losses as too speculative and lacking evidence. The ombudsman found that Mr S suffered no financial disadvantage from the transfer delay as he remained invested throughout ('in specie'). The ombudsman concluded that SWP's overall response, including answering all 99 questions and providing fee refunds, was fair and reasonable, and that any compensation award would have been similar to the £350 already paid.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website