Not upheld: Misleading advertisement / Unclear account opening offer terms complaint against Interactive Investor Services Limited (IISL)

Decision detail

Summary

Mr B opened an ISA with IISL and received an account opening offer of £50, which he believed was for purchasing shares but was actually trading credits to offset trading charges. Mr B complained the advertisement was misleading. IISL maintained the offer terms were clear in the terms and conditions. The ombudsman reviewed the advertisement, which stated 'Get £50 worth of free trades' with 'Terms apply', and the explicit terms and conditions. Although IISL could not provide Mr B's exact customer journey, the ombudsman found the advertisement was not ambiguous and the terms made the offer's mechanics clear. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman applied the balance of probabilities standard given incomplete and contradictory information. Although IISL could not provide Mr B's exact customer journey, the ombudsman was satisfied that any online account opening requires acceptance of terms and conditions. The advertisement was not ambiguous as it did not state the £50 could be used to purchase shares, and the terms and conditions explicitly clarified the offer was for trading credits. Even if any ambiguity existed, the terms made the offer's mechanics clear.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website