Partially upheld: Service failures generally complaint against CMC Markets UK plc

Decision detail

Summary

Mr G complained that CMC Markets unreasonably delayed his withdrawal request from 1 July 2025, claiming the delay forced him to liquidate trading positions and alleging harassment and discrimination. CMC requested verification of the card used for the withdrawal, initially asking for details of an incorrect card (ending 0378) without context, then requesting verification of the correct card (ending 3213). Satisfactory verification was not provided until 30 July 2025. The ombudsman found CMC's card verification requirement was a standard regulatory obligation applied consistently to all customers, but upheld the complaint in part due to CMC's failure to promptly acknowledge the initial request and provide correct information with proper explanation and apology. The ombudsman rejected allegations of harassment and discrimination, finding no evidence of differential treatment. CMC was ordered to pay £100 compensation for the distress caused by its initial handling.

The Ombudsman's reasoning

The ombudsman found that CMC's request for card verification was a standard regulatory requirement applied consistently to all customers. However, CMC failed to promptly acknowledge the initial withdrawal request and provided incorrect information without context or apology. The ombudsman was satisfied that the delays after 9 July 2025 were attributable to Mr G's failure to provide satisfactory verification sooner, not CMC's actions. The allegations of harassment and discrimination were not upheld, as there was no evidence CMC treated Mr G differently from other customers. The account closure decision was reasonable given Mr G's disclosed health issues and CMC's terms.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website