Multiple Products/Services Decision Reference 2022-0269

• Case Outcome: Rejected
• Subject Matter: Multiple Products/Services
• Reference: 2022-0269
• Date: 16 August 2022
• Finantial Sector: Investment
• Conducts Complained Of: Failure to provide accurate investment information,Delayed or inadequate communication, Failure to process instructions in a timely manner

Decision Ref:

2022-0269

Sector:

Investment

Product / Service:

Multiple Products/Services

Conduct(s) complained of:

Failure to provide accurate investment information

Delayed or inadequate communication

Failure to process instructions in a timely manner

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns investment products held by the Complainants with the Provider.

The Complainants’ Case

The Complainants submit that on 13 June 2019 they took out two investment products with

the Provider, at which time they purchased 56.9744 shares with one investment product

and 39.6016 shares with another investment product.

The Complainants assert that they received statements of the value of the investment funds

on 30 June 2019 and 30 September 2019. The Complainants submit that they did not

however receive any update in January 2020 for the value of the investment funds, as of 30

December 2019.

The Complainants submit that they made an unsuccessful attempt to contact the Provider

by telephone on 16 March 2020 and they subsequently visited a branch of the Provider to

discuss the status of the investment funds in question. The Complainants submit that when

they visited the branch on 16 March 2020, there was a handwritten note on the door of the

branch noting that it was closed. The Complainants assert that they had been given no prior

notice of this closure.

The Complainants submit that they subsequently visited the Provider’s branch on 18 March

2020 to inquire about the value of their investments. The Complainants state that they

instructed the Provider to redeem their investments, as they were incurring a loss at that