Shares/Equities Investment Decision Reference 2022-0021

• Case Outcome: Rejected
• Reference: 2022-0021
• Date: 10 January 2022
• Year: 2022
• Subject Matter: Shares/Equities Investment
• Conducts Complained Of: Maladministration,Alleged poor management of fund, Delayed or inadequate communication
• Finantial Sector: Investment

Decision Ref:

2022-0021

Sector:

Investment

Product / Service:

Shares/Equities Investment

Conduct(s) complained of:

Maladministration

Delayed or inadequate communication

Alleged poor management of fund

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint relates to the alleged failure of the Provider to act in accordance with the

Complainant’s instructions with regard to the buying and selling of shares.

The Complainant’s Case

The Complainant submits that on 19 January 2017 he rang the Provider to give instructions

on the buying and selling of shares for his account. He stated that he told the Provider to

sell ‘Bank A’ shares, and to buy ‘Bank B’ shares.

The Complainant submits that the Provider’s Agent informed him that “bank shares were

not trading”. The Complainant asked for advice and was told that the Provider did not give

advice.

The Complainant stated that, “on the spur of the moment”, he told the Provider’s Agent to

“do what you think best”. He later found out that the Provider had sold his Bank B shares

and bought Bank A shares.

In a letter to this office of 22 July 2020, the Complainant submitted that he was questioning

why his Bank A shares were sold “at 25 cent when [Bank A] were trading at over 5 euro at

the time”.