Bonds Decision Reference 2024-0256

• Case Outcome: Rejected
• Year: 2024
• Reference: 2024-0256
• Date: 23 December 2024
• Subject Matter: Bonds
• Finantial Sector: Investment
• Conducts Complained Of: Encashment delays ,Value of policy at surrender less than expected or projected

Decision Ref:

2024-0256

Sector:

Investment

Product / Service:

Bonds

Conduct(s) complained of:

Encashment delays

Value of policy at surrender less than expected or

projected

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint refers to the Complainant’s ‘Buy-Out Bond’ held with the Provider, which

the Complainant asserts the Provider failed to redeem when requested which caused a

reduction in the value of same.

The Complainant’s Case

The Complainant says he had two Buy-Out Bonds, one invested with the Provider. He

decided in January 2020 to redeem the Bonds. The Complainant submits that the Provider

failed to act on his instructions to redeem the Buy-Out Bond when requested on 27

January 2020. The Complainant says that, as a result, the Buy-Out Bond was only

redeemed on 11 September 2020, with a reduced value, causing a financial loss to the

Complainant.

The Complainant states he discussed his intentions with his financial advisor (“the

Financial Advisor”) who set out the anticipated lump sum he could expect, based on his

years of service with his employer, adding “these figures were based on actuarial