Online Share Dealing Decision Reference 2024-0120

• Jurisdiction: Ireland
• Case Outcome: Rejected
• Year: 2024
• Reference: 2024-0120
• Date: 05 June 2024
• Subject Matter: Online Share Dealing
• Finantial Sector: Investment
• Conducts Complained Of: Delayed or inadequate communication,Maladministration

Decision Ref:

2024-0120

Sector:

Investment

Product / Service:

Online Share Dealing

Conduct(s) complained of:

Delayed or inadequate communication

Maladministration

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The complaint relates to a fund switch completed by the Complainant on the Provider’s

Online platform (“the Online Portal”) in respect of his monies invested in a Retirement

Benefits Plan (“the Pension Plan”).

The Complainant is a member of the Pension Plan, and he had enrolled for this online

service, to access the Online Portal, for the provision of information and updating service

operated by the Provider for the Pension Plan.

The Complainant’s Case

The Complainant states that on 18 February 2020, he requested a fund switch through the

Online Portal. The Complainant states that he had previously completed fund switches “ on

numerous occasions” in the past and it was functionality which he had become comfortable

with, safe in the knowledge that he could switch or cancel instructions, “ right up until after

the month end”. The Complainant submits that it was “always represented” to him that any

instructions given by him to the Provider, would take two weeks to complete, in accordance

with its service terms on the Online Portal.

The Complainant states that the following day, 19 February 2020, he logged onto the Online

Portal to cancel the switch instructions but, on this occasion, he received a message “change

in progress”. The Complainant further states that he called the Provider’s Helpline number,

but it consistently went to voicemail, to which he received no response.