The Claimant attempted to transfer RM29,400 from her savings to her trading account, but the funds did not appear due to a system timeout. The money was returned only after four days, during which she claimed loss of trading opportunity and complained of rude service. She sought compensation, revising her claim from RM4,500 to over RM62,000 for alleged lost profits and time spent.

FINANCIAL INSTITUTION (FI)’s POSITION

The FI admitted the technical issue caused by a core switch problem and explained that the delay was necessary to confirm the “inflight” funds. They denied staff misconduct and offered RM0.85 (four-day interest) plus a one-time brokerage fee waiver as a goodwill gesture, which the Claimant rejected.

KEY ADJUDICATION FINDING

The Adjudicator found the FI at fault for the four-day delay due to a system glitch and found the offer of RM0.85 “neither fair nor reasonable” but also “insulting.”

However, the Claimant’s demand for lost profits and compensation for her time was rejected as she provided no evidence of intended trades and did not act once funds were returned. Her claim was seen as an attempt to seek unjustified profits.

ADJUDICATION AWARD

The Adjudicator exercised discretion and applied a formula of 1% of the amount involved per day of delay. The FI was ordered to pay RM1,176.00 as fair and reasonable compensation.

The Adjudicator also highlighted the institution for lacking a proper policy to handle such system failures and customer frustrations.