Shares/Equities Investment Decision Reference 2021-0555

Case OutcomeRejected
Subject MatterShares/Equities Investment
Date21 December 2021
Conducts Complained OfMis-selling (investment),Failure to provide product/service information, Fees & charges applied
Finantial SectorInvestment
Decision Ref:
Product / Service:
Shares/Equities Investment
Conduct(s) complained of:
Mis-selling (investment)
Fees & charges applied
Failure to provide product/service information
This complaint relates to an investment product.
The Complainant’s Case
The Complainant states that in March 2019, he called into the Provider’s branch seeking to
increase the interest amount on his savings account. He asserts that he met with the
Provider’s staff member who went through investment products with him and he signed
documents to invest his savings in an investment fund (“the Fund”).
The Complainant says that in August 2019, he complained to the Provider regarding the fees
and charges associated with the Fund. The Provider responded by letter dated 30 August
2019. The Complainant took issue with the Provider’s response and states that he sent a
further 3 emails in September 2019, with the final email requesting that the Provider issue
him a final response letter. The Complainant states that the Provider did not respond to his
3 emails; it issued a final response letter on 7 October 2019.
The Complainant says he is surprised at the Provider’s response and its recollection of events
at the meeting in March 2019. The Complainant states that he recalls completing the risk
questionnaire at the end of the meeting, after he had selected the Fund. The Complainant
asserts that fees and charges were not explained to him and he states that the paperwork
was completed before the questionnaire was completed. The Complainant says that he
queried this at the time, and he was told that it was “for [the Provider’s] records”.

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