Bonds Decision Reference 2022-0165

• Case Outcome: Rejected
• Subject Matter: Bonds
• Reference: 2022-0165
• Date: 16 May 2022
• Finantial Sector: Investment
• Conducts Complained Of: Dissatisfaction with final fund value ,Encashment delays , Failure to process instructions, Failure to provide warning re. Nature of investment

Decision Ref:

2022-0165

Sector:

Investment

Product / Service:

Bonds

Conduct(s) complained of:

Dissatisfaction with final fund value

Failure to provide warning re. Nature of investment

Failure to process instructions

Encashment delays

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The Complainant held an investment bond (the “Bond”) with the Provider.

The terms of the investment were governed by the laws of England and Wales, but the

Provider and the Complainant have consented to the Complainant’s complaint being

investigated by the FSPO and have agreed that the laws of Ireland will be the applicable law

for the purposes of the FSPO investigation.

The Complainant’s Case

The Provider sold a life assurance arrangement by way of initial single investment designed

to provide lifetime cash-in benefits and a single payment benefit when the life assured dies,

if not fully cashed-in before then. The Bond commenced on 12 December 2019 with a single

premium investment of £210,000 (two hundred and ten thousand pounds) with top ups

allowed. The policy was 100% invested in the Fund A and was fully surrendered on 9 April

2020. The surrender amount paid to the Complainant was £189,004.05 (one hundred and

eighty-nine thousand and four pounds and five pence) on 17 April 2020.

The Complainant submits that the surrender paperwork for her Bond was received by the