Upheld: Account administration errors complaint against FIL Investments International
Financial Ombudsman decision DRN-5434625 of 2015-04-24T00:00:00+00:00. Account administration errors complaint against FIL Investments International. Outcome: Upheld.
Decision detail
| Reference | DRN-5434625 |
|---|---|
| Decision date | 2015-04-24T00:00:00+00:00 |
| Firm | FIL Investments International |
| Product | Savings / ISA |
| Claim type | Account administration errors |
| Outcome | Upheld |
| Remedy | FIL Investments International to pay Mr P £150 within 28 days of acceptance of the decision. |
Summary
Mr P complained to FIL Investments International after attempting to make four online deals on his savings account. All four were confirmed online but only three completed; the fourth failed because Mr P lacked sufficient units, though it was confirmed. By the time Mr P completed the deal through other means, prices had moved unfavourably, costing him approximately £300. The ombudsman upheld the complaint, finding that while Mr P made an error, the online system's positive confirmation created a reasonable expectation of completion, making FIL partially liable. FIL was directed to pay £150 compensation.
The Ombudsman's reasoning
Although Mr P attempted to transfer more units than he held, the online dealing system provided positive confirmation of the transaction. Mr P could reasonably expect that a confirmed transaction would be completed. The online method was available to him and he should not be criticised for using it. The system's confirmation created a reasonable expectation of completion, making FIL partially responsible for the loss.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| FIL Investments International, all decisions | 7 | 14% |
| Account administration errors, all decisions | 25,844 | 25% |
| Savings / ISA, all decisions | 7,604 | 22% |
Source
Read the original decision on the Financial Ombudsman Service website