Approved Minimum Retirement Fund AMRF Decision Reference 2021-0343

Case OutcomeRejected
Subject MatterApproved Minimum Retirement Fund AMRF
Date30 September 2021
Conducts Complained OfDissatisfaction with customer service ,Failure to process instructions in a timely manner
Finantial SectorInvestment
Decision Ref:
Product / Service:
Approved Minimum Retirement Fund AMRF
Conduct(s) complained of:
Dissatisfaction with customer service
Failure to process instructions in a timely manner
The complaint concerns an approved retirement fund held in the name of the
Complainant’s husband.
The Complainant’s Case
The Complainant submits that her late husband took out an approved retirement fund
with the Provider in 2015, and further submits that her husband sadly passed away
suddenly in 2020. The Complainant contends that she subsequently applied to have the
fund proceeds transferred into her name, this being a feature of her late husband’s policy.
She states that the Provider advised her that it required a Grant of Probate in order to
process her application.
The Complainant submits that the policy document does not specify that a Grant of
Probate is required, and that she considers this requirement to be an unnecessary and
costly expense. She further submits the Provider has failed to provide any evidence that
the requirement was included in the policy terms and conditions, and that neither she nor
her late husband were aware of the requirement. The Complainant states that the
Provider has been furnished with certified copies of her late husband’s will and that it is
aware that she is the sole beneficiary and executor of his estate.
The Complainant argues that it should have been in the relevant paperwork if it was
necessary for a Grant of Probate to be taken out.

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