Personal Pension Plan Decision Reference 2021-0445

Case OutcomeRejected
Subject MatterPersonal Pension Plan
Date25 November 2021
Conducts Complained OfFailure to inform of drop in value
Finantial SectorInvestment
Decision Ref:
Product / Service:
Personal Pension Plan
Conduct(s) complained of:
Failure to inform of drop in value
The complaint concerns the Complainant’s investment plans with the Provider.
The Complainant’s Case
The Complainant submits that he has been a customer of the Provider for many years and
during those years, the Provider’s representative (M.) periodically contacted him to review
his investment policies. He submits that following these reviews, any investment changes
that were deemed necessary, were carried out.
The Complainant states that he was not made aware when M. left the service of the Provider
on 24 November 2017. The Complainant submits that he should have been made aware of
M.’s departure as this representative was his point of contact within the Provider and M.
looked after his affairs with respect to the investment policies.
The Complainant states that because he was unaware of the departure of M., he waited to
hear from him throughout 2018 to arrange the usual annual review. The Complainant
submits that he subsequently discovered that M., with whom he had been dealing all those
years, had left the service of the Provider and that M. was prevented by the Provider from
contacting him to inform him of his departure.
The Complainant submits that as the Provider did not inform him of the departure of M., he
was not afforded an opportunity to review the investment plans in question, and to make
any changes which may have been deemed necessary. The Complainant submits that the
investment plan decreased in value by up to 7% which resulted in a monetary loss of

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