What can you do when your Share Dealing company messes up instructions?

Davidm99

Hi all,

Looking for some general advice. Recently Lloyds had a Right Issue where existing share holders are given the option to buy additional shares at a reduced price based on their current share holding. users who didn't take up these rights received a nominal amount for each of the shares offered.

I wanted to take up my rights so I called HSBC Investdirect and asked them to move my Share Rights from my ISA account into a normal account (can't leave them in my ISA as it isn't allowed for tax purposes).

So the guy on the phone said he could do this *and* that he could set it so that my RI shares were taken up. I said I wanted to take them up to the full and he said he would set this. I went on to chat about how the money for these shares would come out of my cash account and things like this.

When I checked today the shares had NOT been taken up. They had been moved out of my ISA account but no action had been taken with them. This means they were let to expire which means instead of them getting bought I receive the nominal amount for the shares. My instructions were not followed and he did not do what he said he would (I take it all calls are recorded?)

I'm still waiting for a call back form HSBC Invesdirect but I just wanted to ask for advice about what can be done in such situations? What normally happens? Do Share companies make it right or do they just shrug and say 'sorry'? Can the FSA assist me?

Any advice appreciated.

ses6jwg

Hoodless Brennan did this to me once!

On a telephone order I wanted to BUY 1000 RBS shares and the stupid !!!!s sold them.

Thankfully the online then started working so i only lost the £16 comission but still, bunch of clowns!