Not upheld: Other regulated complaint complaint against LUMON PAY LTD

Decision detail

Summary

Mr B complained that LUMON PAY LTD applied an unfairly low exchange rate when he transferred Euros to his UK Sterling account in August 2025, resulting in a loss of approximately £10,000. He claimed he was dealing with a medical emergency at the time and that LUMON took advantage of his vulnerability, particularly after his father was later offered a better rate. LUMON maintained it had confirmed the exchange rate with Mr B before proceeding. The ombudsman reviewed the telephone calls and found that LUMON had clearly explained the rate and amount, Mr B had agreed to the transaction saying 'that will do', and there was no evidence of a medical issue affecting his understanding. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman listened to the telephone calls and was satisfied that LUMON fully explained the exchange rate and the exact amount Mr B would receive before he agreed to proceed. Mr B clearly understood the terms, said 'that will do', and later confirmed the transaction. There was no evidence during the calls or provided by Mr B to suggest he was unable to understand the transaction due to a medical issue. The ombudsman noted that LUMON did not provide advice but simply stated its offered rate, which Mr B was free to accept or reject. It is not the ombudsman's role to determine whether an exchange rate is competitive.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website