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I owned a bank account (technically an e-money account, non-FSCS protected) with U Account (provided by Wire Card Solutions Ltd) in 2020.
In 2020, the bank decided to suspend my account pending a review. They asked me to provide proof of entitlement for the funds in the account as I had multiple revenue streams (I managed properties and had money from tenants deposited into the account).
Eventually, my account was closed and I was told the funds remaining in the account would be "returned to source." But due to the multiple payments going in, I wasn't sure who they were referring to specifically, and they didn’t make me aware of where the funds would be sent. I made several enquiries about this, but never received a response.
I made a complaint that progressed to the Financial Ombudsman. During this time, the company went into liquidation, but eventually the Ombudsman was able to progress matters with the company's liquidators. Eventually, the Ombudsman ruled that the company should provide full details of where the funds in my account were sent and how.
The liquidators have claimed the funds were sent as cheques to a gambling company I was using at the time. I asked for specific details, but to date they have not even been able to provide a date the cheques were issued. It may be that the company no longer has access to detailed financial records. They can present no evidence to show the funds were even sent.
I contacted the gambling company in question and escalated a complaint to their highest level. They have stated that they do not accept cheques as their payment provider does not permit this. Even if the cheques had been issued, they would not have been able to process them.
I am now in a difficult position. The Ombudsman ruling states the company must provide me with full details of these missing payments, but it doesn't specify what should happen if they are unable to do so.
I would like to consider the option of pursuing this through the small claims court, but I don't know if this is even possible as the company is in liquidation.
I assume I would first need the company to accept liability for the missing funds. Would I need to make a case in the small claims court do establish this? If so, do I make a claim against the bank or the liquidators?
As there is an Ombudsman ruling (that I have agreed to), what happens in the event the company does not comply with the agreement? Can the liquidators use this as a defence in the small claims court if I make a claim for the funds as the Ombudsman didn’t rule they owed me the money directly, or would the FOS ruling be considered irrelevant as the company didn't meet the requirements?
Any advice would be greatly appreciated!
In 2020, the bank decided to suspend my account pending a review. They asked me to provide proof of entitlement for the funds in the account as I had multiple revenue streams (I managed properties and had money from tenants deposited into the account).
Eventually, my account was closed and I was told the funds remaining in the account would be "returned to source." But due to the multiple payments going in, I wasn't sure who they were referring to specifically, and they didn’t make me aware of where the funds would be sent. I made several enquiries about this, but never received a response.
I made a complaint that progressed to the Financial Ombudsman. During this time, the company went into liquidation, but eventually the Ombudsman was able to progress matters with the company's liquidators. Eventually, the Ombudsman ruled that the company should provide full details of where the funds in my account were sent and how.
The liquidators have claimed the funds were sent as cheques to a gambling company I was using at the time. I asked for specific details, but to date they have not even been able to provide a date the cheques were issued. It may be that the company no longer has access to detailed financial records. They can present no evidence to show the funds were even sent.
I contacted the gambling company in question and escalated a complaint to their highest level. They have stated that they do not accept cheques as their payment provider does not permit this. Even if the cheques had been issued, they would not have been able to process them.
I am now in a difficult position. The Ombudsman ruling states the company must provide me with full details of these missing payments, but it doesn't specify what should happen if they are unable to do so.
I would like to consider the option of pursuing this through the small claims court, but I don't know if this is even possible as the company is in liquidation.
I assume I would first need the company to accept liability for the missing funds. Would I need to make a case in the small claims court do establish this? If so, do I make a claim against the bank or the liquidators?
As there is an Ombudsman ruling (that I have agreed to), what happens in the event the company does not comply with the agreement? Can the liquidators use this as a defence in the small claims court if I make a claim for the funds as the Ombudsman didn’t rule they owed me the money directly, or would the FOS ruling be considered irrelevant as the company didn't meet the requirements?
Any advice would be greatly appreciated!
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