Property Investment Decision Reference 2022-0103

Case OutcomeRejected
Reference2022-0103
Date23 March 2022
Year2022
Subject MatterProperty Investment
Finantial SectorInvestment
Conducts Complained OfDissatisfaction with final fund value ,Failure to process instructions, Failure to provide product/service information, Maladministration
Decision Ref:
2022-0103
Sector:
Investment
Product / Service:
Property Investment
Conduct(s) complained of:
Dissatisfaction with final fund value
Failure to provide product/service information
Failure to process instructions
Maladministration
Outcome:
Rejected
LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN
The Complainants made an investment in a property portfolio managed by the Provider.
The product was sold in 2004, by a different financial service provider (the “Broker”).
The Complainants’ Case
The Complainants submit that in July 2004, they were approached by a Manager of the
Broker, to invest in property portfolios managed by the Provider.
The Complainants state that they were going to invest two amounts €1,000,000.00 (one
million euro) in Property Portfolio A and €500,000.00 (five hundred thousand euro) in
Property Portfolio B.
The Complainants state that the “decision to invest was based on promotional material
provided.” However, the Complainants say that due to onerous charges, in particular a 2%
upfront fee, they availed of a cooling-off period and withdrew the €1,000,000.00 investment
and decided to only invest €500,000.00 (five hundred thousand euro) in Property Portfolio
B. The Complainants submit that they relied on the verbal assurances given by the Broker
Manager to them that the 2% upfront fee wouldn’t apply to their investment in Property
Portfolio B, and on that basis, they went ahead with the €500,000.00 (five hundred thousand
euro) investment.

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