Not upheld: operational error in fund transfer and complaint handling complaint against Janus Henderson Fund Management UK Limited

Decision detail

Summary

Mr D complained that JH failed to correctly resolve an error made when transferring funds within his investment account. On 3 March 2025, JH mistakenly transferred the full value of fund A to fund E instead of the requested £2,000. During the 12 March 2025 call to discuss the resolution, JH's call handler incorrectly told Mr D that the deal amend would be backdated to 12 March 2025, but JH actually completed the amendment using the original 3 March 2025 date. The ombudsman found that JH correctly resolved the error by using the original request date and that the £200 compensation paid was appropriate, therefore not upholding the complaint.

The Ombudsman's reasoning

The ombudsman determined that JH correctly resolved its original error by using the fund values from the original request date (3 March 2025) rather than the later date (12 March 2025) that the call handler had incorrectly suggested. The ombudsman reasoned that Mr D should be placed in the financial position he would have been in had the switch been undertaken correctly on the date JH received the request, and that JH should not be bound by the call handler's second error. The compensation of £200 total was deemed appropriate for both the impact of the original error and the administrative delays in complaint handling.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website