Not upheld: Transfer delays and corporate action handling complaint against Barclays Bank Plc

Decision detail

Summary

Mr S complained to Barclays about delays in transferring his Smart Investor ISA to a new investment platform, claiming financial losses from missed investment opportunities and inability to trade holdings affected by a corporate action. Barclays admitted the delays and paid £200 compensation but rejected claims of financial loss. The ombudsman found that while delays occurred, Mr S actually benefitted from a dividend payment received during the delay period that offset any potential losses, and that Barclays provided adequate notice and options regarding the corporate action. The complaint was not upheld, and the £200 compensation was deemed fair and reasonable.

The Ombudsman's reasoning

The ombudsman found that while Barclays caused unnecessary delays, Mr S did not suffer a financial loss because he benefitted from a dividend payment received on 19 December 2024 that he would not have received had the transfer completed on 5 December 2024 as expected. The ombudsman rejected Mr S's claim of missed investment opportunities, finding insufficient evidence in the call recordings that he intended to make the specific large investment he claimed. Regarding the corporate action, the ombudsman found Barclays provided adequate notice and options, and Mr S failed to take action before the deadline.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website