Online Share Dealing Decision Reference 2021-0463

• Case Outcome: Partially upheld
• Reference: 2021-0463
• Date: 01 December 2021
• Year: 2021
• Subject Matter: Online Share Dealing
• Conducts Complained Of: Mis-selling (investment),Failure to provide accurate investment information, Failure to provide warning re. Nature of investment , Misrepresentation (at point of sale or after)
• Finantial Sector: Investment

Decision Ref:

2021-0463

Sector:

Investment

Product / Service:

Online Share Dealing

Conduct(s) complained of:

Mis-selling (investment)

Failure to provide accurate investment information

Failure to provide warning re. Nature of investment

Misrepresentation (at point of sale or after)

Outcome:

Partially upheld

LEGALLY BINDING DECISION

OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The Complainant has an online trading account with the Provider. In March/April 2018, the

Complainant availed of one of the Provider’s VIP account promotions for enhanced trading.

Amongst the benefits of this promotion was a $12,500 trading bonus. The Complainant’s

bonus expired after 6 months as he had not performed the required number of trades to

maintain the bonus. The Complainant disputes the Provider’s decision to cancel the bonus

and believes the VIP account was mis-sold.

The Complainant’s Case

The Complainant explains that in March 2018, the Provider’s Senior Account Executive

approached him “… with an offer of a bonus in exchange for certain cash amounts deposited

to my [Provider] account before the policies of bonus’ will be withdrawn from the market.”

The Provider’s executive spoke of the benefits of a bonus however, failed to mention the

trading conditions attached to the bonus; even though, during a telephone conversation the

Complainant asked “… there must be a catch to this.” The Complainant states that he was

led to believe he would receive a bonus once he deposited the relevant cash amount.