The investor made an investment through a Unit Trust Consultant (UTC) and later discovered that the investment was not made as instructed. The investor then claimed the full amount that had been handed over to the UTC.

Our Findings

Several other issues were considered:

• The investor handed over cash to the UTC because the UTC refused payment via cheque.
• The UTC falsely claimed to still be employed by the Member when, in fact, their service had already been terminated.

Outcome

In this case, the adjudicator ruled entirely in favor of the investor, taking into account the investor’s educational background and language barriers.