Approved Minimum Retirement Fund AMRF Decision Reference 2019-0023

• Case Outcome: Rejected
• Reference: 2019-0023
• Date: 11 February 2019
• Year: 2019
• Subject Matter: Approved Minimum Retirement Fund AMRF
• Conducts Complained Of: Encashment delays ,Delayed or inadequate communication
• Finantial Sector: Investment

Decision Ref:

2019-0023

Sector:

Investment

Product / Service:

Approved Minimum Retirement Fund AMRF

Conduct(s) complained of:

Encashment delays

Delayed or inadequate communication

Outcome:

Rejected

LEGALLY BINDING DECISION

OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

Background

The Complainant held an Approved Retirement Fund (ARF) plan with the Provider. Some of

the plan funds were invested with the Provider in the Provider’s Consensus Fund and some

were deposited in a fixed term self-invested fund with another financial service provider.

This complaint concerns the self-invested element of the ARF. The fixed term of the self-

invested element expired on 5 April 2017.

While the fixed term of the deposit was nearing its end and afterwards the Complainant

sought information from the Provider about re-investing the deposit and clarification

regarding the maturity date of the fixed term and details about the exact value of the

matured funds.

The Provider recommended a meeting with a financial adviser to undertake a review of the

Complainant’s financial plans including a risk profile assessment and a fund

recommendation.

The Complainant was not interested in meeting a financial adviser. He was dissatisfied with

the Provider’s replies to his enquiries and raised a complaint with the Provider. The matter

was not resolved by the Provider’s response to his complaint and he submitted a complaint

to the then Financial Services Ombudsman’s Bureau.