Partially upheld: Account administration errors complaint against Janus Henderson Fund Management UK Limited

Decision detail

Summary

Mr C complained to Janus Henderson about delays in withdrawing his ISA and receiving the proceeds. After initial confusion involving his son's contact in March 2023, a sale instruction was actioned on 9 May 2023, but proceeds were not sent until 13 September 2023—over four months later. The delays were attributed to verification document issues, unreturned promised calls, and failure to offer alternative settlement methods promptly. The ombudsman found JH not responsible for the initial delay in receiving the sale instruction but partly responsible for the subsequent delay in sending proceeds. JH was ordered to pay 8% interest on proceeds for two months and £200 additional compensation for distress and inconvenience, in addition to £200 already offered for unreturned calls.

The Ombudsman's reasoning

The ombudsman found that while JH was not responsible for the initial delay in receiving an acceptable sale instruction (due to confusion from Mr C's son and incorrect contact details), they were partly responsible for the four-month delay in sending proceeds. The ombudsman identified multiple failures: delayed communication of document rejection (from 8 June to 22 June 2023), failure to promptly inform Mr C of the driving licence issue, unreturned promised calls, failure to action the letter of authority within service standards, and delayed offer of cheque settlement. The ombudsman concluded JH was responsible for approximately half the delay and that proceeds should have been sent within two months. Compensation was awarded for loss of use of funds and distress caused, but not for representative costs or punitive damages, as the FOS remit is to restore the customer to their original position, not to punish the business.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website