Bonds Decision Reference 2021-0417

Case OutcomePartially upheld
Subject MatterBonds
Reference2021-0417
Date11 November 2021
Conducts Complained OfMaladministration,Delayed or inadequate communication, Encashment delays , Failure to process instructions in a timely manner
Finantial SectorInvestment
Decision Ref:
2021-0417
Sector:
Investment
Product / Service:
Bonds
Conduct(s) complained of:
Maladministration
Delayed or inadequate communication
Failure to process instructions in a timely manner
Encashment delays
Outcome:
Partially upheld
LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN
Background
The Complainants incepted an investment policy with the Provider in April 2018. The
Provider is based in Ireland with customers in the UK. The Complainants are customers in
the UK. A surrender request was made to the Provider by the Complainants’ Financial
Advisor, which resulted in a payment based on a later date, and at a lower price than that
expected by the Complainants.
The Complainants’ Case
On 16 March 2020, the Complainants’ representative issued a surrender request on the
Complainants’ behalf to the Provider in respect of their policy. The Provider received and
signed for the surrender request on the morning of 17 March 2020.
The Complainants received an e-mail from the Provider on the afternoon of 18 March
2020, which outlined a downward unit price adjustment, in respect of the fund the
Complainants were invested in. The Complainants’ representative contacted the Provider
by telephone, requesting that the Provider make contact in relation to the downward price
adjustments. The Complainants’ representative made further contact with the Provider by
e-mail on 18 and 20 March 2020 seeking confirmation that that the surrender price “will
be at close of day 17 March and will not include the price adjustment”. The Complainants’
representative spoke to a staff member of the Provider on 25 March 2020. The

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