Not upheld: incorrect valuation reporting / temporary pricing error complaint against J.P Morgan Personal Investing Limited

Decision detail

Summary

Mr G complained that JP Morgan incorrectly reported his pension value on 24 December 2025, showing it at £393,758.30 when it should have been approximately £104,000, causing distress over the Christmas period. JP Morgan identified an internal pricing error that lasted about three hours before being corrected. JP Morgan paid £50 compensation but Mr G requested a refund of one year's annual charges. The ombudsman found the £50 compensation appropriate and proportionate for the temporary error that was quickly corrected and did not result in Mr G making irrevocable retirement plans, and rejected the fee refund request as disproportionate.

The Ombudsman's reasoning

The ombudsman found that while the temporary valuation error was concerning and confusing, it was corrected within three hours and Mr G would likely have received regular statements showing the actual fund value. The error did not result in Mr G making any irrevocable retirement plans. The ombudsman applied FOS guidance that small monetary awards of less than £100 are appropriate for one-off administrative errors or short delays. A year's fee refund was deemed disproportionate and the £50 payment was considered sufficient compensation. The ombudsman noted that systemic issues and industry deterrence are matters for the FCA, not the FOS.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website