Not upheld: Failure to notify of corporate action complaint against Barclays Bank plc trading as Barclays Smart Investor

Decision detail

Summary

Mr B held SSE plc shares in a SIPP with Barclays Smart Investor and complained that the firm failed to notify him of a corporate action announced on 12 November 2025, causing him financial loss. The corporate action comprised multiple offerings, with the retail offer being provided exclusively through RetailBook, a separate entity with which Barclays SI had no relationship. Although 'Barclays' was named as a global co-ordinator for the institutional placing, the ombudsman found that Barclays SI's terms and conditions explicitly permitted it to decline notification of corporate events without regulatory obligation. The ombudsman upheld the firm's position that it was not contractually or legally obliged to notify Mr B and dismissed the complaint.

The Ombudsman's reasoning

The ombudsman found that the terms and conditions clearly stated Barclays SI was not obliged to notify customers about corporate events or take action in relation to them, except to give effect to default actions or upon customer instruction. No regulatory requirements were identified that would have obliged notification. Although 'Barclays' was named as a global co-ordinator, this referred to the institutional placing, not the retail offer which was exclusively provided through RetailBook—a separate entity with which Barclays SI had no relationship or agreement. The ombudsman concluded that Barclays SI's explanations were fair and reasonable and in line with its contractual obligations.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website