November-09-case-studies

November-09-case-studies - Sample of Complaints Findings...

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Sample of Complaints Findings July - November 2009 Joe Meade Financial Services Ombudsman 1 December 2009 1
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INDEX Page €250,000 to retired farmers for bank’s cavalier approach 3 €410,000 invested in Property Bond to be refunded in full 3 €143,000 paid to two elderly couples after approach by Ombudsman 5 Granny’s €10,000 ‘burial fund’ and grandchild’s €2,000 wrongly invested 6 €175,000 award for misleading letters as €290,000 loss suffered by couple 8 Mortgage rate to remain at original tracker rate at end of fixed rate period 9 No breakage fee to be charged on exit from fixed rate mortgage 10 €7,000 award for breakage fee conditions not clearly stated 11 Investment Mortgage rate alteration was wrong 12 Stockbroker’s inappropriate investments merits €125,000 awards 13 Move of pension policy to secure fund not carried out - €21,000 award 14 €6,500 for incorrect statement to pensioners about access to investment 15 €100,000 Credit Union’s investment to be refunded 16 €10,000 to Credit Union for loss of €28,000 in €130,000 life policy 17 €100,000 for lost land certificate and cancelled €225,000 land sale 18 Overcharging of insurance premiums for non smokers 19 €1,000 for uninsured driver where Company was at fault 19 Loss assessor for person caused unreasonable delay 20 50% of stolen car valued at €20,000 awarded 21 Credit Union was wrong to release €5,400 from a minor’s account 21 Hire Purchase Company ten day clearance period inequitable 22 Change in maternity benefit cover was not an upgrade 22 €2,000 award for over 65 mortgage protector policy 23 Non payment of €625,000 life assurance death benefit was correct 24 €1,000,000 investment complaint not upheld 25 €4,000 for person on ‘Social Welfare’ and loan repayments 26 €22,000 travel insurance cancellation claim upheld 27 2
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€250,000 to retired farmer for bank’s cavalier approach and belittling remarks A husband and wife in their mid 60s retired from farming and sold land for €3m. They were approached by their bank and invited to invest in certain bonds which the bank was marketing. In April 2007 they invested €2m in two bonds which they understood were capital guaranteed. By December 2007 they were concerned about the fall in value of the bonds to €1.88m but were assured that matters were fine. In May 2008, the Complainants had asked about cashing in their investment as it had now fallen to €1.75m but were persuaded by the bank not to do so as matters should improve. By August 2008 they were very concerned that the value of their investment had fallen further to €1.6m and took the matter up with the bank. The bank official who was dealing with them stated that “ they had nothing to worry about because it was a guaranteed fund ’’. This simply was not true . Six weeks later the bank reluctantly admitted to the Complainants that it had given them wrong
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November-09-case-studies - Sample of Complaints Findings...

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