Not upheld: service failure, alleged delays in payment, alleged misleading information, alleged failure to follow communication and payment preferences complaint against MUFG Corporate Markets Trustees (UK) Limited

Decision detail

Summary

Mrs B sold certificated shares through MUFG and complained about delays in receiving the sale proceeds, alleged misleading information, and MUFG's failure to follow her stated preferences for electronic communications and direct bank payments. MUFG required a completed CREST transfer form and original share certificate before releasing the £14,420.42 net proceeds, which took from 9 September to 7 October 2025. The ombudsman found that MUFG was contractually entitled to require these documents, that the call recording did not support Mrs B's claim of a refused email request, and that payment was processed promptly once documentation was received. The ombudsman concluded that MUFG had not acted unfairly and that the £36.35 goodwill payment already offered fairly compensated for any loss of interest.

The Ombudsman's reasoning

The ombudsman found that MUFG was contractually entitled to require the CREST form and original share certificate before releasing proceeds. The call recording did not provide sufficient evidence that Mrs B requested electronic delivery of the form or that MUFG refused such a request. Standing instructions for electronic communications and direct payments did not displace the specific process governing certificated share sales. Once MUFG received the required documentation on 18 September 2025, it issued the cheque promptly on 19 September 2025. The principal delay related to postal delivery of the form and return of documents, for which MUFG was not responsible. There was insufficient evidence of deliberate misleading or intentional withholding of documentation.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website