Not upheld: ISA transfer service delays and complaint handling; misleading application messaging complaint against Charter Court Financial Services Limited trading as Charter Savings Bank

Decision detail

Summary

Mr C complained to Charter Court Financial Services Limited about delays in transferring his ISA and the service provided during the process. He argued that the application process was misleading, with a congratulatory message suggesting the transfer was already in progress, and that the requirement to download, print and post a form was not sufficiently highlighted. He also objected to Charter's reference to a different business M instead of the correct provider T, and felt the £25 compensation offered was inadequate. The ombudsman found that Charter's application clearly explained the requirement for a paper form through prominent signposting and bold text, that the transfer was completed within HMRC timescales, and that the £25 compensation for the isolated error was fair and reasonable. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that Charter provided sufficient information about the next steps required for the ISA transfer. Although the application contained a congratulatory message, it was immediately followed by clear instructions in bold text explaining that Mr C needed to download and post the form. The requirement for a paper form, while less convenient than electronic processing, was standard for the transferring provider and was clearly explained. The transfer was completed within the 15 working day timeframe from when Charter received the completed form. The £25 compensation for the incorrect reference to M was appropriate as it was a one-off human error with no lasting impact, consistent with FOS compensation guidelines for minor annoyance.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website