Bonds Decision Reference 2023-0282

• Case Outcome: Rejected
• Year: 2023
• Date: 18 December 2023
• Reference: 2023-0282
• Subject Matter: Bonds
• Finantial Sector: Investment
• Conducts Complained Of: Dissatisfaction with final fund value ,Failure to provide correct information, Failure to provide product/service information

Decision Ref:

2023-0282

Sector:

Investment

Product / Service:

Bonds

Conduct(s) complained of:

Dissatisfaction with final fund value

Failure to provide correct information

Failure to provide product/service information

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns information furnished by the Provider to the Complainants in

relation to their investment bond with the Provider.

The Complainants’ Case

The Complainants submit that on 12 March 2018 their professional advisors requested

information from the Provider regarding the “accumulated 5% tax deferred withdrawal

allowance” on their investment bond, in the policy year end 29 January 2019 (hereinafter

‘policy year end’).

The Complainants contend that the Provider confirmed a withdrawal allowance of

£173,334.00 (one hundred and seventy three thousand three hundred and thirty four

pounds) up to the policy year end. They assert that the Provider “failed to take into

account [the Complainants] regular withdrawal of £5,346 per quarter”. The Complainants

state that this resulted in the Complainants incurring a tax liability on a “chargeable gain”

of £16,038.00 (sixteen thousand and thirty eight pounds).

The Complainants dispute the Provider’s contention that it was clearly stated in its notes

“that the calculation includes a future withdrawal figure of £0.00”. The Complainants