Property Investment Decision Reference 2026-0034

• Case Outcome: Rejected
• Year: 2026
• Reference: 2026-0034
• Date: 03 March 2026
• Subject Matter: Property Investment
• Finantial Sector: Investment
• Conducts Complained Of: Failure to process instructions in a timely manner,Encashment delays , Failure to inform of drop in value, Suspension period for surrender requests

Decision Ref:

2026-0034

Sector:

Investment

Product / Service:

Property Investment

Conduct(s) complained of:

Failure to process instructions in a timely manner

Failure to inform of drop in value

Suspension period for surrender requests

Encashment delays

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint relates to the encashment of two unit-linked life assurance policies which

the Complainants held with the Provider.

The Complainants’ Case

The Complainants are wife (the "First Complainant") and husband (the "Second

Complainant"). They jointly held two unit-linked life assurance policies with the Provider

(the "Policies"). The first policy (*****647) was incepted on 20 March 2006 and the

Complainants paid a single premium of €60,000 (sixty thousand Euros) (the "First Policy").

The second policy was incepted on 4 September 2006 and the Complainants paid a single

premium of €100,000 (one hundred thousand Euros) (the "Second Policy"). Both of the

Policies were encashed in January 2020.

The Complainants state that, on 22 January 2020, the First Complainant contacted the

Provider via telephone to process the surrender of both Policies. They state that the First

Complainant was informed that the respective values of the Policies were:

- 2 -

/Cont’d…

- First Policy – €46,384.91 (forty-six thousand three hundred and eighty-four Euros

and ninety-one Cents).

- Second Policy – €104,227.65 (one hundred and four thousand two hundred and

twenty-seven Euros and sixty-five Cents).

The Complainants state that the First Complainant was told that the paperwork would be

posted out to sign and would be received on 24 January 2020. They contend that the

paperwork did not arrive until 27 January 2020 and was signed, dated and returned on the

same day along with bank statements as proof of address.

The Complainants state that the First Complainant received a telephone call from the

Provider on 3 February 2020 requesting another bank statement as the date of the first

statement was "blocked out". The Complainants state that in the course of this call the

First Complainant was informed that the application would be completed once the

statement was received by email and the money would be released to the Complainants

within three to four working days.

The Complainants explain that there was a further telephone call from the Provider on 7

February 2020 informing them that there was a moratorium on redemptions from the

fund beginning on 30 January 2020 and that money would not be released from the fund

for six months from this date. The Complainants submit that they informed the Provider

on this call that they were not informed of the moratorium in the telephone conversation

of the 3 February 2020 and that the application was sent on 27 January 2020 leaving time

for the Provider to revert about the bank statement before 30 January 2020.

The Complainants state that the Provider stated it would make a note of their complaint

raised on 7 February 2020 and have a representative contact them. They submit that they

then got a letter on 18 February 2020 stating that the instructions to process a surrender

would not be carried out and that the Complainants had 10 days to cancel the instruction

to encash the Policies or accept the value 6 months from the introduction of the

moratorium.

Following the submission of a complaint to this Office, the Complainants engaged with the

Provider on an open basis to try and resolve the complaint. The Complainants state that

the Provider had lodged amounts of €102,000 and €42,000 in their accounts. The

Complainants contend that these are not the correct amounts.

In a telephone call with the Provider, on 17 June 2020, the Complainants queried how

there could have been such a large drop in the value of the First Policy between 22

January 2020 and 29 January 2020.