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Fos warns on Isa admin errors

Firms making technical errors resulting it clients missing out on Isa deadlines should in some cases pay compensation, even if there is no quantifiable loss, says the Financial Ombudsman Service.
In this month’s Ombudsman News, the FOS says it sees a number of disputes arise from errors of administration and sets out case study examples of settled, upheld and rejected complaints in this area.
It says the dispute normally surrounds whether the business is responsible for the error and if so how to calculate any redress.
The FOS says it is often difficult to assess any loss or finds any financial detriment to the consumer is very small.
But it says: “We sometimes consider it appropriate for the business to pay the customer a modest amount in recognition of the inconvenience that its error has caused, even where the customer has suffered no loss”.

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