Not upheld: Service failures generally complaint against Quilter Financial Planning Solutions Limited

Decision detail

Summary

Mr L complained that Quilter failed to provide annual reviews as promised under its ongoing review service agreement from August 2014 to May 2021, with some reviews occurring more than 12 months apart. He sought a partial refund of fees for years when reviews were delayed. The ombudsman found that while some reviews were late, Mr L received six reviews over six years as entitled, suffered no financial loss, and raised no contemporaneous concerns about timing. The complaint was not upheld as the ombudsman determined that even if Quilter erred in scheduling, no material harm to Mr L was demonstrated.

The Ombudsman's reasoning

The ombudsman found that although some reviews occurred more than 12 months apart, potentially breaching COBS 9A.3.9 rules, Mr L received the six reviews he was entitled to over the six-year period and suffered no financial loss. The agreement did not specify exact dates for reviews, and there could be legitimate reasons for timing variations. Critically, Mr L raised no contemporaneous concerns about review timing and only complained years later, providing no evidence of material distress or inconvenience. The ombudsman's role is not to punish errors but to determine whether financial loss or material harm occurred, which was not established here.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website