Shares/Equities Investment Decision Reference 2022-0191

Case OutcomePartially upheld
Subject MatterShares/Equities Investment
Reference2022-0191
Date08 June 2022
Finantial SectorInvestment
Conducts Complained OfFailure to provide correct information,Failure to process instructions
Decision Ref:
2022-0191
Sector:
Investment
Product / Service:
Shares/Equities Investment
Conduct(s) complained of:
Failure to provide correct information
Failure to process instructions
Outcome:
Partially upheld
LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN
The complaint concerns the administration by the Provider of a “Personal Retirement
Bond”.
The Complainant’s Case
This complaint arises from the encashment of the Complainant’s “Personal Retirement
Bondand the further investment of the Fund balance. The Complainant submits that the
Provider failed to act in her best interests at all times and mismanaged these events during
August/September 2018. It is stated that the Complainant had engaged the Provider, a
Financial Advisor, to advise and manage her financial investments, approximately 3 years
earlier in 2015.
The Complainant and the Provider met on 6 February 2018 and on 3 July 2018 to discuss the
Complainant’s investments. The Complainant planned to access a Personal Retirement Bond
when the early encashment penalties expired on 24 August 2018. These meetings included
discussions regarding the options available to the Complainant at that time.
The Complainant says that at the meeting on 3 July 2018 the Provider gave her the
Retirement Bond Claim Forms. The Complainant goes on to say that the Provider advised
her to sign the forms, and the Provider “would complete the majority of the paperwork and
submit same” to the Fund Provider entity. The Complainant agreed at this meeting that a
sum of €180,000 would be taken from the Retirement Bond, after the 24 August 2018.

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