Shares/Equities Investment Decision Reference 2022-0251

• Case Outcome: Rejected
• Subject Matter: Shares/Equities Investment
• Reference: 2022-0251
• Date: 28 July 2022
• Finantial Sector: Investment
• Conducts Complained Of: Delayed or inadequate communication,Failure to process instructions, Failure to provide correct information, Value of policy at surrender less than expected or projected

Decision Ref:

2022-0251

Sector:

Investment

Product / Service:

Shares/Equities Investment

Conduct(s) complained of:

Delayed or inadequate communication

Failure to provide correct information

Failure to process instructions

Value of policy at surrender less than expected or

projected

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns the provision of information regarding annual management

charges for investment bonds, incepted in 2006.

The Complainants’ Case

The Complainants took out two investment bonds with the Provider, ending *559 and *004,

in 2006.

The Complainants note that they have not been contacted by the Provider since then, except

in the form of annual investment statements. As a result, the first C omplainant contacted

the Provider on 27 January 2020, with a number of questions. This included a request that

the Provider set out the fund costs and charges that apply to the Complainants’ bonds.

On 12 February 2020, the Provider replied to the Complainants’ questions.

The Complainants say that they have no complaint concerning mis-selling of the policies in

2006, nor do they have any problem with the performance of the investment. The

Complainants state however, that they are unhappy with the Provider’s reply to their

request for a breakdown of the costs and charges.

The Provider has referred to the terms and conditions of the plans, and noted that the

annual management charge would be dependent on which funds that the Complainants are

invested in. The Provider noted that 1/12th of the annual management charge is taken from

the Complainants’ funds each month.