Online Share Dealing Decision Reference 2021-0463

Case OutcomePartially upheld
Subject MatterOnline Share Dealing
Date01 December 2021
Conducts Complained OfMis-selling (investment),Failure to provide accurate investment information, Failure to provide warning re. Nature of investment , Misrepresentation (at point of sale or after)
Finantial SectorInvestment
Decision Ref:
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)
Partially upheld
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to my [Provider] account before the policies of bonus’ will be withdrawn from the market.”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.

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