Bonds Decision Reference 2023-0104

• Case Outcome: Rejected
• Subject Matter: Bonds
• Reference: 2023-0104
• Date: 26 April 2023
• Finantial Sector: Investment
• Conducts Complained Of: Failure to provide accurate investment information,Fees & charges applied

Decision Ref:

2023-0104

Sector:

Investment

Product / Service:

Bonds

Conduct(s) complained of:

Failure to provide accurate investment information

Fees & charges applied

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns an investment product.

The Complainant’s Case

The Complainant states that he contacted the Provider on 15 June 2020 to enquire about

“moving funds from the Cash Fund back to an equities fund/sub-fund”. The Complainant

states that he was advised that his request could not be facilitated and that “the only option

is, in effect, withdrawal.”

The Complainant states that he believes the Provider is seeking to “force investors to

withdraw their monies” even though he had been advised “on a number of occasions” that

he could at any time “move the funds to a bond or equity fund when the time was opportune

in order to maximise returns.”

The Complainant states that he was informed by the Provider that the “non cash Funds were

abolished/closed down a number of years ago”. He complains that he was not made aware

of this development. The Complainant states that there was an obligation on the Prov ider

to inform him of this, so that he could “make a rational and informed decision on the best

use of [his] funds”.