Not upheld: failure to notify of share option lapse deadline; failure to return savings; alleged failure to pay interest complaint against Computershare Investor Services Plc

Decision detail

Summary

Ms M complained that after leaving her employment in December 2021 with good leaver status, Computershare failed to properly inform her about exercising her share options under two Sharesave plans, resulting in her options lapsing in June 2022. She also complained that Computershare retained her £8,000 in savings for an extended period without paying interest or taking steps to return the money. The ombudsman found that Computershare sent a leaver letter to her registered address in February 2022 notifying her of the need to take action, which satisfied its notification obligations. The ombudsman rejected arguments that a second email notification should have been sent or that the portal date discrepancy undermined the evidence. Regarding the post-lapse funds, the ombudsman found that the self-service platform kept the funds accessible to Ms M at all times, and she bore responsibility for withdrawing them. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that Computershare satisfied its obligation to notify Ms M by sending a leaver letter to her registered address, which is the standard reasonable approach. The date discrepancy in the portal did not undermine the core evidence that the letter was generated and sent. The ombudsman rejected the argument that Computershare should have sent a second notification via email simply because Ms M updated her contact preference after the initial notification was already sent. The SAYE scheme was self-managed, placing responsibility on participants to monitor their accounts and meet deadlines. Regarding the post-lapse funds, the ombudsman found that EquatePlus is a self-service platform where funds remained accessible to Ms M at all times, and she was not deprived of her money. When she sought assistance in October 2023, she received clear instructions and withdrew the funds without difficulty. Therefore, Computershare had no obligation to proactively return the funds or pay interest.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website