Not upheld: record keeping, disclosure, and information provision complaint against HBOS Investment Fund Managers Limited

Decision detail

Summary

Mr B, as executor of his late mother Ms M's estate, complained that HBOS failed to provide complete transaction records, particularly two £25,000 transfers from 2015-2016, which he needed to reconcile the estate. He alleged financial abuse and raised concerns about HBOS's record-keeping systems and treatment of a vulnerable customer. HBOS provided all available statements and documents but had no records from 2016-2018 and no evidence the £25,000 payments originated from the Plan. The ombudsman found HBOS acted fairly and reasonably in providing all available information and could not compel production of documents not held, though acknowledged delays for which HBOS had already offered £400 compensation.

The Ombudsman's reasoning

The ombudsman distinguished between her role (resolving individual complaints on fairness grounds) and the FCA's regulatory role (examining systems and controls). She found that HBOS provided all information available on its systems and had no obligation to produce documents it did not hold or have access to. While acknowledging gaps in records from 2015-2016 and delays in response, the ombudsman concluded HBOS acted fairly and reasonably in its handling of the information requests. She noted that no award could be made to the estate itself for distress, though HBOS's previous £400 offer for delays remained available.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website