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I went direct to the Ombudsman quoting Taverham's case - received a letter telling they are busy ATM but will respond in due course. I'll let everyone know the outcome when they do respond.
Ps - needless to say HL consider the time to complain has now expired...
Like you I lost a small amount and flagged this with my brokers HL. I attach their recent response for others...and extend my best wishes to Taverham for keeping us all posted
“I am responding to your message of 13 January 2020 following the complaint you raised last year in respect of the Flybe Extraordinary General Meeting (EGM). You have referenced an Ombudsman decision regarding the EGM in which compensation was awarded – you feel this should be extended to you. Thank you for your continued patience while your recent comments have been considered.
I have reviewed your complaint in its entirety and feel it prudent to reiterate that the EGM did not meet our classification of a notifiable Corporate Action. We remain of the opinion that our actions were correct. The Board of Flybe did not make any suggestion to the terms of any such disposal or anything else that would have provided indication of the offer announced on 11 January 2019 - this is not something Hargreaves Lansdown could have foreseen. For an event to be categorised as a Corporate Action, at the time of the announced EGM there would have needed to be firm plans to dispose of the business; there was no such details on this occasion.
Whilst I mindful of your frustration at the events that transpired, I am satisfied that Hargreaves Lansdown has acted in line with its Corporate Action service. The outcome of the EGM was announced on 14 December 2018 and, at this time, the market value of the shares had increased. Had you wished to sell your shares at any point, following the announced results, the opportunity to do so was available to you. I am therefore unable to agree that Hargreaves Lansdown can be held accountable for your perceived financial loss.
The Ombudsman decision you have referenced was in relation to an individual’s complaint and was specific to the concerns they had raised and their circumstances. Hargreaves Lansdown is not bound to award this sum to every Flybe shareholder on our platform.
I am afraid it is not possible to disclose specific details of the complaint the Ombudsman reviewed. The complainant however found the matter distressing and raised concerns back in January 2019 immediately following announcement of the Scheme of Arrangement. Given their circumstances and how upset and strongly the client felt, compensation was awarded to resolve the matter.
I appreciate you contacted our offices about the EGM in January 2019, but having reviewed your message, there was no expression of distress or inconvenience caused as a result of our actions. On that basis I do not believe a payment of compensation is warranted.
I am mindful this may not represent the response you were hoping for, but trust it clarifies our position. Your right to refer your complaint to the Financial Ombudsman Service was outlined in our response of 5 February 2019 – you had six months from this date to contact them. I am afraid therefore the deadline to refer your complai
Hi Taverham, well I have not received my money just yet, however a very nice young lady from Halifax Share dealing has called me each day including today to let me know they are still looking into it with the team, I sense that they are just lining up their ducks in readiness for an offer, as you know they will be aware of the FSO ruling in your case so have little wiggle room, guess it is just damage limitation now really for them. I will let you know when I get the outcome, if they say no, then I will document the rationale and send in a claim as you did, but hoping we can avoid that palava!
Many sincere thanks again.
962, my broker argued that the meeting was not a corporate action and therefore not one they needed to tell me about .Frankly it was the best excuse they could come up with imv. The ombudsman decided the broker should have understood the importance of the meeting and informed their clients. Frankly I think a junior member of staff did not read the documentation thoroughly and decided to do nothing , which given we pay them fees is not good enough. If you read the ombudsmans explanation on their web site it explains in more detail. For broker to say they did not know is simply not good enough for a regulated stockbroker - a laughable excuse imv.
Tav,thks for quick reply
Again I know this topic was well questioned at the time,did your broker admit to knowing about the meeting,and just not bother advising you,or did, as mine did,admit to being advised of a meeting,but not knowing the agenda or reasons for the meeting being called did not advise.
ie we know there is a meeting,we don't what it is for or about,so we can't really tell you anything we don't know ourselves.
962, I am doing fine thanks. The ombudsman ruling refers to item 1 . It is not 'compensation for a loss' rather payment for distress [£150] caused by the broker failing to inform me of an important event [egm] as announced by the company. The ombudsman ruled that any subsequent loss could not be directly linked to the egm notification failing. Hope that helps and you also get £150 per broker.
Tav.How are you doing mate.We had many chats on this board late 2018/early 2019,re broker failings.Just so i am clear,thre are 2 isssues that raised concern for all holders.
1.The failure to advise holders of the move from a premium to standard listing circa mid December 2018
2.The recomended offer of 1p per share circa 11 Jan.
Which of the above,or was it both,that your ombudsman ruling/compensation payment refers to
RMR, Halifax have noe excuse because as brokers they owe you a duty of care and should keep up to date with RNS announcements. If you quote my ombudsman case ref they will see they need to pay you £150 and also pay all other investors.Good luck and let us know what happens.
Thanks Taverham, just contacted Halifax who originally repeated what they said some time ago to me that they themselves were not notified about the EGM so had nothing to pass onto me, I challenged them that I found that hard to believe, it would seem odd that only selected brokers were informed, upshot is they are now looking into it for me, seemingly they have had other investors contact them also. Wish me luck! If I need to contact the FSO, so be it. But appreciate your messages on here.
Gell, you are correct. There is a legal case underway now but how that plays out is anyone's guess. The ombudsman case I have been successful with is a claim against my brokers for not informing me of the EGM , for which I was awarded £150 .
Those of us whom held shares 2018 to 2019 that sold out during the big rip off of a penny will get our money back if so how and whom are going to fork out with shat Flybe do not have any cash can't see bastard Branson paying up
I lost £15k
You are welcome to quote the Financial ombudsman case number as it is public domain info on their web site. I can think of no reason wht hl will not pay up to all clients who helf flybe shares during nov 2018.
Huge thank you as well from me - also with HL - and will be following your link to make the same complaint (if that's okay with you?)
Small tip - take a look at TRX.....could be huge in the coming months.
Thank you for the information regarding compensation from HL - contacted them and waiting for a response?
Hopeful, try Flybe2019atoutlookdotcom, using the obvious letters.
Can you please provide email address to make contact and file an interest in legal proceedings.
Thanks for info
Hopeful , I am not the person dealing with the legal proceedings against Flybe the company. My complaint was against my brokers . who I thought played a part in the shenanigans in that the EGM slipped by almost without notice. [ I was also miffed that the brokers were completely dissmissive of the illegal acts by the bod inspite of the large shareholdings they managed]. The Ombudsman ruled against both barc and HL [my brokers] because they had not informed me of the EGM called nov 2018 and , if Halifax failed to inform you similarly then imv they will also have to pay you. Either now or following a complaint to the Ombudsman. BOL.
Sorry I just discovered this site. Can the gentleman dealing with legal proceedings send me email address would like to register my interest. Secondly anyone know if Halifax paying compensation for 150 to ?
Great, thanks!
for the £100m from the government this year , rather than last year is that the current mob were persuasive whereas our bod were not. Am wondering if there is a legal challenge here.
Innuendo, try this link instead and search on Hargreaves Lansdown case number is :
DRN5456518
BOL.
https://www.financial-ombudsman.org.uk/data-insight/ombudsman-decisions
For the tax payers money to be spnked in this, is because Flyb are the only airline that flys too and from our wonderful British tax havens where to get the perk you have to at least lived there for 6month. You know what I’m talking about Boris. DISGRACEFUL.