Bonds Decision Reference 2021-0417

• Case Outcome: Partially upheld
• Reference: 2021-0417
• Date: 11 November 2021
• Year: 2021
• Subject Matter: Bonds
• Conducts Complained Of: Maladministration,Delayed or inadequate communication, Encashment delays , Failure to process instructions in a timely manner
• Finantial Sector: Investment

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