Not upheld: order execution failure and inadequate communication complaint against Hargreaves Lansdown Asset Management Limited

Decision detail

Summary

Dr B complained that HLAM failed to execute his sell order for OST shares on 26 June 2025 and did not adequately inform him of this failure, preventing him from taking alternative action. HLAM explained that the order could not be executed because no executable price was available due to a NASDAQ trading halt during extreme market volatility. The ombudsman found that the trading halt was outside HLAM's control, that a standard on-screen message clearly communicated the unavailability of a quote, and that any alternative trading attempts would have been speculative. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that the sell order could not be executed because no executable price was available during a NASDAQ trading halt, which was an event beyond HLAM's control. The standard on-screen message clearly informed Dr B that no quote was available and provided options for alternative action. While HLAM's explanations evolved during the complaint, the evidence regarding the trading halt and absence of available prices outweighs concerns about communication. The ombudsman rejected Dr B's argument that better communication would have led to a better outcome, as any alternative trading attempts would have been speculative and subject to the same market volatility and trading halts.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website