Additional Voluntary Contribution (AVC) Decision Reference 2024-0069

• Jurisdiction: Ireland
• Case Outcome: Partially upheld
• Year: 2024
• Reference: 2024-0069
• Date: 18 April 2024
• Subject Matter: Additional Voluntary Contribution (AVC)
• Finantial Sector: Investment
• Conducts Complained Of: Complaint handling (Consumer Protection Code)

Decision Ref:

2024-0069

Sector:

Investment

Product / Service:

Additional Voluntary Contribution (AVC)

Conduct(s) complained of:

Complaint handling (Consumer Protection Code)

Outcome:

Partially Upheld

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns the partial maturity of an investment product held by the

Complainant with the Provider.

The Complainant’s Case

This complaint is brought by the Trustees of a Trust and on its behalf (the “Complainant”).

The Trust is the owner of the policy at issue and is represented in this complaint, by the

intermediary which acted as the Policyholder’s financial advisor.

The policy was incepted on or about 23 July 2015 and the Complainant says that the

Policyholder, who is the beneficiary of the Trust, and who acts through her appointed

Attorney, is of advanced years and is in poor health and so should be classified as a

vulnerable customer.

The Complainant states that on 23 July 2021 certain “segments” of the policy reached

maturity. The Complainant states that it became aware of this partial maturity on 27 July

2021 when it was written to by the Provider seeking details of the bank account into which

the funds from the maturity should be transferred. This totalled some UK£168,761 (One

hundred and sixty-eight thousand, seven hundred- and sixty-one-pounds Sterling).

The Complainant and its representative state that they did not receive any

correspondence from the Provider in advance of the maturity date.