Not upheld: ISA / savings administration complaint against Investengine (UK) Limited
Financial Ombudsman decision DRN-5625907 of 2025-12-02T00:00:00+00:00. ISA / savings administration complaint against Investengine (UK) Limited. Outcome: Not upheld.
Decision detail
| Reference | DRN-5625907 |
|---|---|
| Decision date | 2025-12-02T00:00:00+00:00 |
| Firm | Investengine (UK) Limited |
| Product | Savings / ISA |
| Claim type | ISA / savings administration |
| Outcome | Not upheld |
| Remedy | No remedy ordered. The ombudsman did not uphold the complaint and therefore no compensation or other remedy was recommended. |
Summary
Mr K complained that Investengine unfairly changed the terms of its ISA transfer bonus promotion by imposing a 30 September 2024 deadline, pressured him to sell investments causing financial loss, and disrupted his investment strategy. He initiated a £300,000 ISA transfer in April 2024 to secure a £2,500 bonus but the transfer was delayed due to provider 1 requiring direct contact from Mr K. After four months and multiple communications, Investengine imposed a deadline on 27 August 2024 for the bonus to apply. Mr K objected, claiming the deadline was unfair and not part of the original terms. The ombudsman found the promotional terms expressly allowed Investengine to change terms and conditions, the deadline was reasonable given the five-month promotional window and one month's notice provided, and Investengine's communications were appropriate attempts to progress the transfer rather than undue pressure. The complaint was not upheld.
The Ombudsman's reasoning
The ombudsman found that the promotional terms clearly allowed Investengine to change terms and conditions and impose a deadline. The bonus terms envisaged funds would be transferred by the end of the promotion period, with bonus payment within 30 business days thereafter. Investengine provided reasonable notice (over one month) of the 30 September 2024 deadline after Mr K had already had four months to complete the transfer. The firm acted in good faith by engaging with Mr K to understand delays and allowing additional time aligned with his stated September timeframe. Investengine had to treat all customers fairly and equitably, making an indefinite transfer period unreasonable. The regular contact was appropriate given the outstanding transfer issue and was not pressure to sell but rather attempts to progress the transfer. Mr K's decision to sell holdings was his own choice, not dictated by Investengine.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Investengine (UK) Limited, all decisions | 10 | 5% |
| ISA / savings administration, all decisions | 1,920 | 26% |
| Savings / ISA, all decisions | 7,667 | 22% |
Source
Read the original decision on the Financial Ombudsman Service website