Property Investment Decision Reference 2022-0382

• Case Outcome: Rejected
• Subject Matter: Property Investment
• Reference: 2022-0382
• Date: 05 December 2022
• Finantial Sector: Investment
• Conducts Complained Of: Alleged poor management of fund,Delayed or inadequate communication, Switching funds

Decision Ref:

2022-0382

Sector:

Investment

Product / Service:

Property Investment

Conduct(s) complained of:

Alleged poor management of fund

Delayed or inadequate communication

Switching funds

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns the investment made by the Complainant in the Provider’s Property

Fund, within a Personal Retirement Savings Account, and the announcement of a repricing

of the units in the fund and the timing of subsequent instructions to investors.

The Complainant’s Case

In making this complaint, the Complainant’s representative states, amongst other things, as

follows:

“He was notified by his Broker by an announcement made by [Provider] on the 29th

January 2020 regarding the repricing of [a certain named] Property Fund. On

receipt of the notification from his Broker, our client elected to move out of the

[Provider] Fund in case a repricing of that fund was going to be announced. That

communication to his Broker was made within the most reasonable time feasible

namely on the 30th January 2020, a day after he received the notification from his

Broker.

On the 31st January 2020 [Provider] made an announcement, which retrospectively

affected those investors who did not effect a change out of the fund prior to the

close of business on Wednesday 29th January 2020.