Sainsbury's Bank Plc

Financial Ombudsman decision DRN-3577211 Upheld

Upheldoutcome, as published by the Ombudsman

—no sum stated

Mon Sep 05deadline to accept (not the decision date)

The Ombudsman does not print a decision date. The date above is the deadline the consumer was given to accept or reject the decision, which is set about a month after it was issued. It is reliable to the year, not to the month.

What this decision was about

Card dispute or chargeback, Product mis-sold

In the Ombudsman’s words

Mrs C complains that Sainsbury’s Bank Plc (“Sainsbury’s Bank”) has refused to refund payments she made to what she believed was a legitimate investments trading company (KayaFX). These payments were made using Mrs C’s Sainsbury’s Bank Mastercard credit card.Card dispute or chargeback

I’m satisfied Mrs C has a claim for misrepresentation on the grounds that KayaFX made a series of misrepresentations, namely that it was operating a legitimate enterprise and that Mrs C access her money freely and earn a profit from her deposit-transactions.Product mis-sold

Rules cited

Consumer Credit Act 1974

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN-3577211.pdf on financial-ombudsman.org.uk.

The outcome shown is the Ombudsman’s own published classification, not our reading of the text. Nothing here is legal advice, and a decision concerns only the complaint it was made about.