Shares/Equities Investment Decision Reference 2022-0071

Case OutcomePartially upheld
Subject MatterShares/Equities Investment
Reference2022-0071
Date28 February 2022
Conducts Complained OfDissatisfaction with final fund value ,Errors in calculations, Switching funds
Finantial SectorInvestment
Decision Ref:
2022-0071
Sector:
Investment
Product / Service:
Shares/Equities Investment
Conduct(s) complained of:
Dissatisfaction with final fund value
Errors in calculations
Switching funds
Outcome:
Upheld
LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN
The complaint concerns a Private Banking Investment Selection Policy (the “Policy”) held with the
Provider which was incepted through a broker.
The Complainant’s Case
The Complainant submits that in 2006 she invested €432,673.00 (four hundred and thirty two
thousand, six hundred and seventy three euros) with the Provider. The Complainant states that she
lost money during the financial crash and that during the COVID pandemic, she could see that her fund
was reducing in value again.
The Complainant says that as she is a pensioner, she became concerned with the reduction in her fund.
She says that on 9 March 2020 she met with a Provider representative (“Provider Agent 1) who told
her to switch her fund, which then had a balance of €277,529.00 (two hundred and seventy seven
thousand, five hundred and twenty nine euros) into a cash fund.
The Complainant maintains that her understanding was that the balance of that day, i.e. 9 March 2020
would be transferred into her cash fund. She states that she was "shocked to see just got €268,326.01
into my account on 21 May 2020 after I sent in a request to encash it, as markets were not improving."

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