Not upheld: account closure and delayed fund return complaint against Wise Payments Limited

Decision detail

Summary

R, a limited company represented by Mr B, complained that Wise Payments Limited unfairly closed its account and delayed returning remaining funds, causing serious business impact. Wise closed the account with immediate effect and subsequently delayed processing a refund after the initial payment bounced. The ombudsman found that Wise acted fairly and within its legal, regulatory, and contractual obligations in closing the account, and that while there was a processing delay, compensation was not appropriate in the circumstances. The complaint was not upheld.

The Ombudsman's reasoning

As a regulated UK financial service provider, Wise is required to carry out ongoing monitoring and can close accounts to meet legal and regulatory obligations. The ombudsman was satisfied that Wise's closure was fair, proportionate, and justified by the evidence provided, and that it was within the terms of the agreement. Wise is under no obligation to provide a reason for closure. While a delay in processing the refund was acknowledged, the ombudsman did not find it appropriate to award compensation given the circumstances as a whole.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website