Partially upheld: Account administration errors complaint against Janus Henderson Fund Management UK Limited
Financial Ombudsman decision DRN-5797737 of 2025-09-04T00:00:00+00:00. Account administration errors complaint against Janus Henderson Fund Management UK Limited. Outcome: Partially upheld.
Decision detail
| Reference | DRN-5797737 |
|---|---|
| Decision date | 2025-09-04T00:00:00+00:00 |
| Firm | Janus Henderson Fund Management UK Limited |
| Product | Investment |
| Claim type | Account administration errors |
| Outcome | Partially upheld |
| Remedy | Janus Henderson Fund Management UK Limited to pay: (1) 60 days simple interest at 8% on the final withdrawal amount; (2) £100 for frustration and inconvenience caused to Mr R. If tax is deducted from the interest, Janus Henderson must inform Mr R of the deduction amount and provide a tax deduction certificate to allow reclaim from HMRC. |
Summary
Mr R, Mr T and Mr S complained to the Financial Ombudsman Service about delays in withdrawing jointly held investment funds from Janus Henderson. The complaint centred on the time taken to verify Mr S's identity and address for anti-money laundering purposes. Janus Henderson received Mr S's verification documents (passport and utility bill showing a new address) on 12 March 2024 but incorrectly closed the verification process without reviewing the utility bill. The firm did not request a written instruction to change Mr S's address until 11 June 2024, despite being aware by mid-April that further evidence was required. The funds were ultimately paid in October 2024. The Ombudsman upheld the complaint in part, finding Janus Henderson responsible for a 60-day delay and ordering payment of 60 days simple interest at 8% plus £100 compensation.
The Ombudsman's reasoning
The Ombudsman found that Janus Henderson made two key errors: (1) failing to review Mr S's utility bill when it was uploaded on 12 March 2024, which contained his new address; and (2) not requesting a written instruction from Mr S to change his address until 11 June 2024, despite being aware by mid-April that further evidence was required. These errors caused a delay of approximately 60 days between mid-April and mid-June 2024. The Ombudsman rejected claims that delays beyond this period or issues with the original account setup could be attributed to Janus Henderson. The Ombudsman noted that some subsequent delays (such as the postal delay in receiving the change of address instruction) could not be reasonably attributed to the firm.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Janus Henderson Fund Management UK Limited, all decisions | 12 | 29% |
| Account administration errors, all decisions | 25,844 | 25% |
| Investment, all decisions | 14,114 | 34% |
Source
Read the original decision on the Financial Ombudsman Service website