Not upheld: ISA / savings administration complaint against Shawbrook Bank Limited

Decision detail

Summary

Mr C complained that Shawbrook Bank Limited failed to upgrade his savings account to a higher interest rate when a new product version (H57 at 4.32%) was released three days after he submitted instructions to move his maturing funds into an earlier version (H56 at 4.29%). Mr C claimed he had seen information confirming automatic upgrades would occur, while Shawbrook maintained no such information was provided. The ombudsman found no evidence in Shawbrook's records or documentation supporting Mr C's claim and concluded on the balance of probabilities that he had misread or misinterpreted the information. The ombudsman noted Mr C was aware rates could change and could have amended his instruction online but chose not to. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman applied the balance of probabilities standard, finding that without evidence in Shawbrook's records or documentation suggesting automatic rate upgrades would occur, it was more likely that Mr C misread or misinterpreted the information provided. The ombudsman noted that the Key Product Information document and general terms made no mention of automatic upgrades in such circumstances, and the online journey screenshots provided by Shawbrook contained no such message. The ombudsman was satisfied that Mr C was aware rates could change and that he could amend his instruction online, but chose not to do so based on his assumption that Shawbrook would automatically upgrade.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website