Cash Investment Decision Reference 2022-0199

• Case Outcome: Rejected
• Subject Matter: Cash Investment
• Reference: 2022-0199
• Date: 17 June 2022
• Finantial Sector: Investment
• Conducts Complained Of: Encashment delays ,Failure to provide correct information, Poor wording/ambiguity of policy

Decision Ref:

2022-0199

Sector:

Investment

Product / Service:

Cash Investment

Conduct(s) complained of:

Encashment delays

Failure to provide correct information

Poor wording/ambiguity of policy

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The complaint relates to the processing of a withdrawal request from a savings plan the

Complainants hold with the Provider.

The Complainants’ Case

On 09 March 2020 the Complainants checked the cash-in-value of their savings plan held

with the Provider and the value quoted on the system that day was €92,404.05. The

Complainants on 09 March 2020 submitted a written request to the Provider to withdraw

€90,000.00 from the savings plan. The Complainants received two amounts from the

Provider pursuant to their request, one amount of €86,142.81 on 18 March 2020 and a

further €2,699.99 on 16 April 2020 paid to their personal bank account, a total of

€88,842.80, but €1,157.20 less than the original €90,000.00 requested.

The Complainants in their 27 August 2020 submission state that they:-

“Got a confirmation text at 11:33 on 09 March 2020 for receipt of encashment

request. Got a second confirmation text at 10:32 on 12 March 2020 for receipt of

encashment request.”

The Complainants submit that they called the Provider’s customer services phoneline on 16

March 2020 to check on the status of their withdrawal where they were:-

“assured that our withdrawal of €90,000.00 would be paid.”