Shares/Equities Investment Decision Reference 2022-0129

Case OutcomeRejected
Subject MatterShares/Equities Investment
Reference2022-0129
Date11 April 2022
Finantial SectorInvestment
Conducts Complained OfDissatisfaction 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.

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