ISA

A financial institution must handle ISA transfer requests promptly and not abandon transfer requests prematurely, causing avoidable delays and loss of interest to the customer.

A firm is not directly responsible for mail loss by a third party (Royal Mail) even when it incorrectly insists on postal submission instead of an available electronic method.

A firm must prevent purchases of non-qualifying investments in an ISA account, and if it fails to do so, it must offer fair options to remedy the situation such as sale and repurchase in a non-ISA account.

A financial institution should investigate transfer delays promptly and take reasonable steps to resolve issues within its control, rather than attributing delays solely to third-party actions.

A firm is not liable for investment losses caused by market performance rather than its administrative error, though compensation may be due for distress caused by the error itself.

A firm is liable for losses caused by its operational errors that delay ISA transfers, even if the client's subsequent investment happened to perform well.

An ISA manager owes a duty of care to ensure that unregulated businesses operating through their platform are legitimate and that customers are not misled about the security of their investments.

A financial adviser must conduct adequate ongoing reviews of suitability when circumstances change materially, and provide appropriate advice to rebalance investments accordingly.

A financial institution must provide clear, timely guidance to customers about account restrictions and must not apply penalty charges without adequate explanation or notification.

An ISA transfer only appears on a provider's system once a signed transfer request form is physically received by the correct department.

A bank has discretion to set and vary interest rates on non-tracker accounts, provided terms clearly explain this discretion and the bank treats customers fairly and clearly.

An adviser must provide annual reviews for which the consumer is paying an Ongoing Adviser Charge, with obligations commencing from the triggering event when the charge was first applied.

A firm must provide information to consumers in a clear and accessible manner, but is not required to provide all information in a specific format if it has been made reasonably available.

A business is not liable for losses that would have occurred even if it had performed its obligations correctly, or where the consumer had alternative viable options available.

A provider's communication about continuing ISA options after account holder death must be clear and fair, but is not required to include detailed interest rate information or exhaustive APS explanations if the next steps are signposted.

Advice must be suitable for the consumer's objectives, risk tolerance, and circumstances; it is not the ombudsman's role to determine what would have been the best or most optimal strategy in hindsight.

Suitability of investment advice must be assessed against the customer's objectives and circumstances at the time of advice, not by hindsight comparison to alternative strategies.

A firm must communicate information in a way which is clear, fair and not misleading, but has discretion to set variable interest rates and is not obliged to match changes in the Bank of England's base rate.

A firm may set its own acceptance criteria for transfers even if they meet HMRC eligibility rules, provided the criteria are fairly communicated and consistently applied.

Where an asset cannot be re-registered between custodians due to custody format incompatibility, the standard industry process requires the ceding provider to sell the holding and transfer proceeds as cash, which is not a breach of the rece

A firm must provide accurate information about savings account interest payment terms and respond appropriately to complaints about such misinformation.

Pre-RDR investments are exempt from the requirement to provide ongoing advice or service in return for trail commission payments.