Bonds Decision Reference 2021-0473

• Case Outcome: Partially upheld
• Subject Matter: Bonds
• Reference: 2021-0473
• Date: 02 December 2021
• Conducts Complained Of: Failure to provide correct information,Failure to process instructions in a timely manner
• Finantial Sector: Investment

Decision Ref:

2021-0473

Sector:

Investment

Product / Service:

Bonds

Conduct(s) complained of:

Failure to provide correct information

Failure to process instructions in a timely manner

Outcome:

Partially upheld

LEGALLY BINDING DECISION

OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns the Complainant’s instruction to transfer funds to a specific

investment fund. The Complainant is being assisted in the making of this complaint by a

financial advisor (“the Complainant’s financial advisor”).

The Complainant’s Case

The Complainant submits that he instructed the Provider in respect of a fund switch on 22

April 2020 at 10.20am. He states that the Provider processed the fund switch at 10.05am

on 23 April 2020.

The Complainant submits that the deadline / cut off time for the fund switch was 10.00am.

He states that if the Provider had processed it before 10.00am the purchase would have

been at the price of “10.35”. He states that the Provider processed it after the cut off and

that the price was “10.47”. He contends that the Provider should have known the cut off

was 10.00am and ensured that it was processed before that time. The Complainant

submits that the Provider’s delay in processing the fund switch resulted in him paying a

higher fund price.