Upheld: Investment mis-selling complaint against Jarvis Investment Management Limited

Decision detail

Summary

Mr T complained that Jarvis Investment Management duplicated a withdrawal from his investment account on 25 September 2024 and charged debit interest while the account was in deficit. Jarvis requested return of the overpayment, which Mr T returned in November 2024, but Jarvis did not confirm receipt until Mr T complained in May 2025, and only then reversed the interest charge. The ombudsman upheld the complaint, finding Jarvis at fault for the operational error, failure to promptly confirm receipt of returned funds, and delayed interest reversal. Although Mr T could have contacted Jarvis sooner, the ombudsman acknowledged his reasonable concern about potential fraud and awarded £100 compensation, rejecting Mr T's request for £200-£250 as excessive.

The Ombudsman's reasoning

Jarvis was at fault for duplicating the withdrawal, failing to promptly confirm receipt of returned funds, and delaying reversal of interest charges until after complaint. While Mr T could have contacted Jarvis sooner after sending the payment in November 2024, the ombudsman acknowledged his mental block regarding potential fraud and did not hold this against him significantly. The polite tone of Jarvis's initial request letter was noted, but the overall service failures warranted compensation.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website