Not upheld: operational error / alleged system glitch in share transfer process complaint against Interactive Investor Services Limited (IIS)

Decision detail

Summary

Mrs R complained that IIS transferred almost all of her ISA shareholdings to her trading account instead of just her JWG holding on 2 September 2025. She claimed a system glitch caused the error, noting the platform was slow and she received a confirmation referring to 'investments' plural. IIS investigated and concluded there was no error, stating Mrs R had manually selected each shareholding and entered specific share quantities. The ombudsman upheld IIS's position, finding that the selective nature of the transfers (including partial quantities) was inconsistent with a system glitch, and that Mrs R would have needed to manually select each shareholding individually. The complaint was not upheld and no remedy was ordered.

The Ombudsman's reasoning

The ombudsman found that the specific quantities of shares transferred (including partial transfers and one shareholding not transferred at all) were inconsistent with a system glitch, which would more likely result in all shareholdings or full quantities being transferred. The ombudsman concluded that Mrs R would have needed to manually select each shareholding and input specific share quantities, and that confirmation would have been required to proceed. The timing of the transfer corresponded with Mrs R's login time, and there was insufficient evidence to suggest a system issue caused the incorrect transfer.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website