Shares/Equities Investment Decision Reference 2022-0129

• Case Outcome: Rejected
• Reference: 2022-0129
• Date: 11 April 2022
• Year: 2022
• Subject Matter: Shares/Equities Investment
• Finantial Sector: Investment
• Conducts Complained Of: Dissatisfaction with final fund value ,Alleged poor management of fund, Fees & charges applied , Switching funds

Decision Ref:

2022-0129

Sector:

Investment

Product / Service:

Shares/Equities Investment

Conduct(s) complained of:

Dissatisfaction with final fund value

Fees & charges applied

Alleged poor management of fund

Switching funds

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns the Complainants’ investment in an Investment Fund with the

Provider.

The Complainants’ Case

The Complainants submit that in 2014 they invested most of their life savings in an

investment fund and they tracked the Investment Fund's performance values "typically 4

values per week," up to 2019.

The Complainants submit that in February 2020 they contacted their financial adviser ("FA")

and informed him about their decision to "withdraw the fund." The Complainants assert that

they expected to receive a cash amount of €421,664.46 (four hundred and twenty one

thousand, six hundred and sixty four hundred and forty six cents) which was based on the

investment fund's price, as at 31 January 2020. The Complainants advise that when the FA

presented to them, a “document dated 3 February 2020,” that they did not understand the

difference between the sum of money they expected and the sum of mone y that was

"presented" to them of just over €400,000. The Complainants assert that they never heard

of the expressions "bid price" and "bid value" and that they subsequently expressed their

"surprise/ disappointment" to the FA.