Shares/Equities Investment Decision Reference 2022-0021

Case OutcomeRejected
Subject MatterShares/Equities Investment
Reference2022-0021
Date10 January 2022
Conducts Complained OfMaladministration,Alleged poor management of fund, Delayed or inadequate communication
Finantial SectorInvestment
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”.

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