Not upheld: order execution and cancellation policy complaint against Interactive Investor Services Limited (IIS)

Decision detail

Summary

Mr B placed a market best buy order for shares during a market halt on 22 October 2025 and subsequently attempted to cancel it, but IIS refused on the basis that orders cannot be cancelled once accepted. Mr B complained that IIS should have either prevented the order placement or allowed cancellation during the market halt. The ombudsman found that IIS's terms and conditions clearly stated orders cannot be amended or cancelled once accepted, and this policy was fairly applied. The order was executed immediately when the market reopened, and Mr B was aware of the market halt and indicative pricing when placing the order. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that IIS's terms and conditions clearly stated orders cannot be amended or cancelled once accepted, and this applied even during market halts. By the time Mr B requested cancellation, the order had already been executed. Mr B was aware of the market halt when placing the order and would have understood that the displayed price was indicative and subject to change. IIS executed the order immediately upon market reopening with no unnecessary delays. The ombudsman was satisfied that IIS treated Mr B fairly by following its documented processes and executing the order in line with his instructions.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website