Upheld: ISA transfer completion delay and unfair customer service complaint against Philip J Milton & Company Plc
Financial Ombudsman decision DRN-6252879 of 2026-04-30T00:00:00+00:00. ISA transfer completion delay and unfair customer service complaint against Philip J Milton & Company Plc. Outcome: Upheld.
Decision detail
| Reference | DRN-6252879 |
|---|---|
| Decision date | 2026-04-30T00:00:00+00:00 |
| Firm | Philip J Milton & Company Plc |
| Product | stocks and shares ISA |
| Claim type | ISA transfer completion delay and unfair customer service |
| Outcome | Upheld |
| Remedy | PJM is directed to continue communicating with Mrs L regarding any future queries about her holding while it remains on the active account. The ombudsman expects PJM to treat Mrs L fairly in its ongoing communications, while noting that Mrs L should be mindful of the explanations provided and can consult the fund's website for further information. |
Summary
Mrs L initiated a stocks and shares ISA transfer from PJM in April 2024. While most of the transfer completed promptly, one small holding in Secured Income Fund Plc could not be transferred and remained in a GIA due to the fund's suspension and subsequent delisting. The fund entered winding down with ongoing distributions to Mrs L. When Mrs L queried the continued holding in July 2025, PJM instructed her not to contact it further about the matter. The ombudsman upheld the complaint, finding that while PJM's investment decision and asset handling were reasonable, instructing an active customer not to contact the firm about money held in her account was unfair customer service. PJM was directed to continue communicating with Mrs L regarding future queries about her holding.
The Ombudsman's reasoning
The ombudsman found that PJM's investment decision and handling of the suspended asset were reasonable and suitable for Mrs L's balanced risk profile. However, the ombudsman determined that PJM's instruction to Mrs L not to contact it further about the matter was unfair and poor customer service, particularly given that Mrs L remained an active customer with money held in a PJM account. The ombudsman noted that Mrs L's confusion and frustration were understandable given the November 2024 communication that suggested the transfer would be completed by year-end. The tone of PJM's response was found to have left Mrs L feeling sidelined and in a difficult position.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Philip J Milton & Company Plc, all decisions | 4 | 50% |
Source
Read the original decision on the Financial Ombudsman Service website