Multiple Products/Services Decision Reference 2024-0140

• Case Outcome: Rejected
• Year: 2024
• Date: 24 June 2024
• Reference: 2024-0140
• Finantial Sector: Investment
• Conducts Complained Of: Miscellaneous

Decision Ref:

2024-0140

Sector:

Investment

Product / Service:

Multiple Products/Services

Conduct(s) complained of:

Miscellaneous

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns an investment the Complainant held with the Provider.

The Complainant’s Case

The Complainant says that “prior to March 2021” he was invested in a fund of the Provider

(“Fund A”), for a “number of years”.

In January 2021, the Complainant says he received a letter from the Provider detailing a

new investment fund option available to him. The Complainant says that the Provider

subsequently contacted him concerning Fund A, and “informed [him] that the investment

[he] had was winding down and would need to move funds to a new fund”.

The Complainant says that on 8 March 2021 he redeemed his investment in Fund A for

€52,649.89 (fifty-two thousand six hundred and forty-nine Euro and eighty-nine cent). He

says that he added a sum of €17,350.11 (seventeen thousand three hundred and fifty Euro

and eleven cent) to this amount, bringing the amount of the investment to a total of

€70,000.00 (seventy thousand Euro).

He says that on 22 March 2021, received confirmation that his €70,000.00 (seventy

thousand Euro) was invested in a new investment fund (“Fund B”). He states that “some

days later [he] heard that [Provider] was leaving Ireland”.