Not upheld: Account administration errors complaint against Aviva Life & Pensions Limited UK

Decision detail

Summary

Mr L complained that Aviva incorrectly told him over the phone that fund switches would receive the same day sell price. He subsequently switched all his invested funds to a deposit account via the MyAviva portal. Before completing the switch, Mr L was presented with clear confirmation statements stating the correct information that the switch would use fund values at the end of the next working day, which he was required to agree to but did not read. The ombudsman found that although Aviva made an error in the phone call, Mr L was given correct information before proceeding and failed to read it or seek clarification. The ombudsman also noted Mr L did not mitigate his losses by moving funds back to investments afterward. The complaint was not upheld, and Aviva's £100 compensation offer was deemed fair.

The Ombudsman's reasoning

Although Aviva provided incorrect information over the phone, Mr L was presented with clear, correct information in the confirmation statements before executing the switch instruction. Mr L was required to confirm he understood and agreed to these statements, which explicitly stated the fund switch would use the fund values at the end of the next working day. The ombudsman found that Mr L's failure to read this readily available information, combined with his failure to seek clarification when the post-trade confirmation contradicted what he had been told, meant Aviva could not be held responsible for his financial loss. Additionally, Mr L failed to mitigate his losses by not moving his funds back to investments at any point after the switch.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website