Not upheld: service delays and transfer processing failures complaint against IG Trading and Investments Limited

Decision detail

Summary

Mrs S complained about delays in transferring stock to IG Trading and Investments Limited, which took 9 days (2-11 July 2025) instead of the revised expected 3-5 days. She claimed significant financial loss due to volatile share prices during the delay period and sought compensation beyond IG's £250 offer. IG admitted service failures and apologised. The ombudsman found no contemporaneous evidence that Mrs S had planned to sell the shares immediately, making any financial loss hypothetical and uncompensable. The ombudsman upheld IG's £250 offer as fair compensation for the inconvenience and delays, rejecting the claim for financial loss.

The Ombudsman's reasoning

The ombudsman accepted IG's admission of service failures and focused on whether the £250 offer was fair. While acknowledging delays and inconvenience, the ombudsman found no persuasive evidence from the time of the transfer that Mrs S had planned to sell the shares immediately. The fact that Mrs S chased IG was insufficient evidence of intent to sell, as she could not sell until shares were in her account. The transfer took only 4 days longer than the revised expected timeframe. Therefore, no award for hypothetical financial loss was warranted, and the £250 compensation for inconvenience was deemed fair and reasonable.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website