Bonds Decision Reference 2023-0290

• Case Outcome: Rejected
• Year: 2023
• Date: 21 December 2023
• Reference: 2023-0290
• Subject Matter: Bonds
• Finantial Sector: Investment
• Conducts Complained Of: Switching funds ,Delayed or inadequate communication

Decision Ref:

2023-0290

Sector:

Investment

Product / Service:

Bonds

Conduct(s) complained of:

Switching funds

Delayed or inadequate communication

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns an investment product. The First Complainant acted as the

Financial Advisor in relation to the investment product which he held jointly with the

second Complainant.

The Complainants’ Case

The Complainants states that at 10.54am on 19 March 2020, they sent an instruction to

the Provider, to switch their investment out of a property fund, to an equity fund.

They say that they received an email from the Provider at 4.05pm that day, informing

them of a “six-month notice period” which was now in place, which prevented “all

switching and encashments from the Property Fund” and that this included the switch

instruction they had made earlier that day.

The Provider told the Complainants that, if in those circumstances, they did not wish to

proceed, they could let the Provider know before 5.30pm on 23 March 2020. The Provider

advised that if it did not hear from the Complainants, the property fund would switch on

19 September 2020.

The Complainants were unhappy and queried this position. The First Complainant sent an

email to the Provider on 25 March 2020 advising as follows: