Not upheld: Investment mis-selling complaint against MUFG Corporate Markets Trustees (UK) Limited

Decision detail

Summary

Mrs S complained that MUFG failed to provide clear information to exercise her share options under a three-year SAYE scheme that matured in October 2023. MUFG sent letters in September 2023 and March 2024 outlining her options and a six-month deadline to exercise them, but Mrs S did not contact MUFG until after the deadline had expired. The ombudsman found that MUFG provided sufficient information and that Mrs S had adequate opportunity to contact MUFG before the deadline, which fell on Easter Sunday. The complaint was not upheld as MUFG was not responsible for Mrs S missing the deadline or for the requirement to complete a form to return her matured savings.

The Ombudsman's reasoning

The ombudsman found that MUFG sent clear information in September 2023 and a reminder in March 2024 outlining Mrs S's options and the consequences of missing the deadline. Although the deadline fell on Easter Sunday and the second letter lacked login details, Mrs S had a phone number to call and could have contacted MUFG before Easter Sunday. The evidence suggests Mrs S received at least the March 2024 reminder but did not attempt to contact MUFG until after the deadline had expired. Therefore, MUFG was not responsible for Mrs S missing the opportunity to purchase shares. Regarding the return of funds, requiring a form to be completed was not unreasonable.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website