Not upheld: ISA / savings administration complaint against Curtis Banks Limited
Financial Ombudsman decision DRN-5374818 of 2025-07-21T00:00:00+00:00. ISA / savings administration complaint against Curtis Banks Limited. Outcome: Not upheld.
Decision detail
| Reference | DRN-5374818 |
|---|---|
| Decision date | 2025-07-21T00:00:00+00:00 |
| Firm | Curtis Banks Limited |
| Product | Pension |
| Claim type | ISA / savings administration |
| Outcome | Not upheld |
| Remedy | Curtis Banks offered £300 compensation for distress and inconvenience, which the ombudsman found to be fair and in line with FOS recommendations. No further remedy was ordered. |
Summary
Mr T complained that Curtis Banks incorrectly instructed the sale of his SIPP investments before completing due diligence and receiving his transfer questionnaire. Curtis Banks sold 60,000 shares on 23 July 2024 and later returned the funds on 2 August 2024. Mr T claimed he lost £10K in trading profits during the period he was out of the market and sought reimbursement of trading costs. The ombudsman found Curtis Banks' loss calculation showing an overall profit of £941.87 after costs was fair and reasonable, and rejected the claim for lost profits as speculative. The ombudsman also found Mr T could have accessed his funds from 2 August 2024 to trade if he had checked his account, and upheld Curtis Banks' £300 compensation offer as adequate.
The Ombudsman's reasoning
The ombudsman found that while Curtis Banks made an error in instructing the sale before completing due diligence, Mr T could have accessed his funds on 2 August 2024 to trade if he had checked his investment manager account, having been informed on 31 July 2024 that funds would be returned. The ombudsman rejected the claim for £10K lost profit because there was no certainty Mr T would have made such a profit, and he could just as easily have made a loss. The ombudsman also rejected the claim for separate reimbursement of trading costs because Curtis Banks provides an execution-only service and the loss calculation showing an overall profit of £941.87 after costs was fair and reasonable.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Curtis Banks Limited, all decisions | 54 | 50% |
| ISA / savings administration, all decisions | 1,920 | 26% |
| Pension, all decisions | 15,579 | 47% |
Source
Read the original decision on the Financial Ombudsman Service website