Kroo Bank Ltd

Financial Ombudsman decision DRN-5583875 Upheld

Upheldoutcome, as published by the Ombudsman

£100redress stated in the decision

Fri Nov 07deadline to accept (not the decision date)

The Ombudsman does not print a decision date. The date above is the deadline the consumer was given to accept or reject the decision, which is set about a month after it was issued. It is reliable to the year, not to the month.

What this decision was about

Funds blocked or frozen, Complaint handling

In the Ombudsman’s words

Kroo has important legal and regulatory responsibilities to meet when providing accounts to customers... Kroo will review accounts to comply with these responsibilities. It’s common practice for banks and other financial service providers to restrict access to accounts to conduct a reviewFunds blocked or frozen

Kroo accepts the account block was in place for longer than necessary. In its response to Mr Z’s concerns it explained it had compensated Mr K with £100 in recognition of the poor service he received and the impact of the delay.Complaint handling

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN-5583875.pdf on financial-ombudsman.org.uk.

The outcome shown is the Ombudsman’s own published classification, not our reading of the text. Nothing here is legal advice, and a decision concerns only the complaint it was made about.