Stocks & Shares ISA

A financial institution must provide accurate information about ISA transfers and complete them promptly, with compensation for both the delay caused and the distress and inconvenience resulting from multiple errors.

A financial services provider must complete ISA transfers within reasonable timeframes and compensate consumers for demonstrable financial loss caused by delays in the transfer process.

A financial services provider must correct its own procedural errors promptly and fairly compensate consumers for losses caused by delays in executing correctly-initiated transactions.

A financial services provider remains responsible for service failures in system controls and communication, even when a consumer fails to mitigate losses through inaction.

A financial services provider must put things right for a consumer when its system error causes the consumer detriment, even if corrective action was necessary for regulatory compliance.

A discretionary fund manager must ensure that commission structures and trading strategies are clearly communicated and suitable for the client's circumstances, with appropriate review when the client expresses concerns about portfolio perf

A financial services provider is not responsible for regulatory actions taken by regulators against third-party platform providers that are beyond their control, provided they took reasonable steps to mitigate the impact.

A financial services firm is not responsible for regulatory actions taken against a third-party platform provider where the firm took reasonable steps to manage the relationship and could not foresee such severe restrictions.

A financial institution must properly administer customer instructions and is liable for losses resulting from administrative errors that prevent timely completion of requested transfers.

A firm must balance its regulatory compliance obligations with customer service duties, and must not unreasonably restrict access to funds while conducting identity and source of wealth verification.

A firm should transfer residual balances promptly after account closure, though minor delays may be acceptable if the amount is small and the firm has offered alternative options.

In a self-directed online application without advice, it is the consumer's responsibility to verify they are applying for the correct product type.

A financial services provider is responsible for operational errors in executing customer instructions, but the customer bears market risk where they proceed with a transaction despite being informed of delays and retaining the option to ca

A requirement to opt-in to invest uninvested cash in qualifying money market funds is lawful and fair because such investments carry capital risk and require consumer consent rather than automatic investment.