Cash Investment Decision Reference 2022-0149

• Case Outcome: Upheld
• Subject Matter: Cash Investment
• Reference: 2022-0149
• Date: 28 April 2022
• Finantial Sector: Investment
• Conducts Complained Of: Mis-selling,Complaint handling (Consumer Protection Code) , Delayed or inadequate communication, Early withdrawal penalty

Decision Ref:

2022-0149

Sector:

Investment

Product / Service:

Cash Investment

Conduct(s) complained of:

Mis-selling

Delayed or inadequate communication

Complaint handling (Consumer Protection Code)

Early withdrawal penalty

Outcome:

Upheld

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The complaint concerns the Provider’s suggested provision of poor investment advice and

information to the Complainant in relation to an investment plan taken out with an

investment company recommended by the Provider in his capacity as broker.

The Provider’s regulatory status was revoked by the Central Bank of Ireland in June 2019

and he is no longer authorised to engage in regulated activities as an insurance

intermediary.

The Complainant’s Case

The Complainant submits that on 2 November 2017, following advice, consultation, and

recommendations made by the Provider, she transferred funds from an existing

investment and opened a new investment plan with an investment company. The

Complainant submits that she wanted to purchase a holiday home and wanted to use the

funds to part fund the purchase.

The Complainant says that she specifically asked the Provider “if there would be any

problems or penalties if I transferred the funds to a new account and subsequently

withdraw same” as the previous plan she had invested in had been opened in 2002 and

therefore would not be liable to any penalty for withdrawal. The Complainant further says

that the Provider “categorically told me there would be no problems or penalties”.