Not upheld: Service failures generally complaint against XTB Limited

Decision detail

Summary

Mr A complained that XTB's mobile trading platform error prevented him from viewing his balance and margin requirements for NatGas positions between January and February 2024, resulting in losses he claimed exceeded £30,000. He argued that XTB should fully compensate him, citing a previous complaint where XTB had fully refunded similar losses. XTB offered a price correction of approximately £2,400 and £150 compensation for trouble and upset. The ombudsman upheld only the £150 compensation, finding that XTB's investigation reasonably concluded the issue was isolated to Mr A and caused by an out-of-date application, that Mr A had alternative account management options available, and that the evidence did not demonstrate XTB's actions directly caused the losses.

The Ombudsman's reasoning

The ombudsman found that each complaint must be treated on its own merits and that XTB's previous decision to fully compensate Mr A did not bind it to do so again. XTB's investigation identified the issue as isolated to Mr A and caused by an out-of-date application, not a service-wide problem. The ombudsman was satisfied that Mr A could have mitigated losses by using the web platform or other available options. The evidence did not demonstrate that Mr A could have avoided losses entirely but for XTB's actions, as the primary cause of losses appeared to be market movements against his trades. The price correction offered was deemed fair and reasonable.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website