Personal Retirement Savings Accounts (PRSA) Decision Reference 2021-0286

• Case Outcome: Rejected
• Subject Matter: Personal Retirement Savings Accounts (PRSA)
• Reference: 2021-0286
• Date: 23 August 2021
• Conducts Complained Of: Maladministration,Delayed or inadequate communication, Dissatisfaction with customer service
• Finantial Sector: Investment

Decision Ref:

2021-0286

Sector:

Investment

Product / Service:

Personal Retirement Savings Accounts (PRSA)

Conduct(s) complained of:

Maladministration

Delayed or inadequate communication

Dissatisfaction with customer service

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The Complainant holds a Personal Retirement Savings Account with the Provider.

The Complainant’s Case

On 25 November 2003, the Complainant incepted a Personal Retirement Savings Account

(PRSA) with the Provider, with the contribution to be collected monthly from his nominated

bank account by way of direct debit.

The Complainant says it first came to his attention in November 2018 that in June 2017 the

Provider had ceased collecting the then monthly contribution of €848.54 from his account.

In this regard, the Complainant sets out his complaint in the Complaint Form, as follows:

“I have had a PRSA with [the Provider] for many years. An automatic standing order

/ direct debit has been in place each month to deduct €845.54 from my [bank]

account. I only noticed on Nov. 2018 by chance that the PRSA deductions were not

going out of my bank account and had not been going out for 18 months. I phoned

[the Provider] to query what was happening and I was told that, “Due to a technical

error by [the Provider], my direct debits were put on hold indefinitely”. I did not

authorise this suspension nor did I authorise [the Provider] to cancel the direct debit.

I asked for a formal explanation by email which was sent [by the Provider on 27

November 2018, as follows]: