Not upheld: Investment mis-selling complaint against Embark Investment Services Limited

Decision detail

Summary

Mr C complained that Stocktrade failed to execute his instructions to participate in a National Grid rights issue in May 2024. When he discovered in August 2024 that no additional shares had been allocated, he complained to Stocktrade, who reviewed the transaction with their external IT team and found that Mr C had selected 'take no action' rather than 'take up offer'. The ombudsman considered Mr C's arguments that the portal was unclear and that screenshots could be recreated, but found the evidence from the external IT specialist credible and concluded that Mr C most likely selected the wrong option himself. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman weighed the evidence and concluded that on balance it was more likely than not that Mr C selected the wrong option ('take no action') rather than 'take up offer'. Given there were only two unambiguous options presented, the ombudsman found no evidence that Stocktrade failed to follow the instructions they were given. The ombudsman rejected Mr C's arguments about the reliability of screenshots and the external IT provider's motivations, finding the evidence sufficient to support Stocktrade's position.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website