Bank of Ireland - Evergreen fund

Quatre Mains

Hi folks

this thread caught my eye as I know my own father has funds in Evergreen.

I do agreee with previous posters who say that any legal recourse against BOI or other providers for bad investment advice is likely to fail. I have a suggestion that I believe should be included by law on all such fund contracts - a bold box stating the specific risk classification (high / med / low / secure) of the fund, which requires the signature of both the QFA / investment manager etc and the customer. This would give the customer a written upfront warning as to the risk involved, instead of just taking someone's (unprovable in court) word for it.

mono627

Jayminato wrote: »

There was a case recently in front of the ombudsman where an elderly lady took a case against a well known investment / pension company because the value of her property fund investment had dropped by 45%. Signed documentation was produced which was signed by the client confirming she was fully aware and accepting of the risks.

She lost her case.

Didn't realise there was precedence.

:eek: It's an absolute disgrace tbh. Serious moral and ethical issues completely ignored!

homer911

It will be interesting to see how the Solid World Bond cases (400+) against ACC Bank progress and if this has an bearing on investors in the BOI Evergreen fund

http://examiner.ie/business/more-than-400-investors-sue-acc-for-failure-to-deliver-any-return-147509.html

Jayminato

mono627 wrote: »

Didn't realise there was precedence.

:eek: It's an absolute disgrace tbh. Serious moral and ethical issues completely ignored!

No Mono in this instance the elderely client was fully aware and happy with the risk but just got pissed off with the loss in value and decided she would chance her arm and take a case.

My point is primarily that although age is a factor there are still elderly clients who are prepared to take risks

IrishEllie

Infamous my friend, your opinion sounds like a someone involved in financial services, the "you signed it, its your own fault" attitude is just a cop out for greedy financial sales reps!! Why do u think we are in the middle of recession????? I am sure the bonus' were large for signing innocent trusting people up to this particular investment!
I think you will find that a lot of people on this thread signed up to a product that was " MIS SOLD" to them! In particular reference to my mums circumstances, in the paper work there is a clause stating
if product is not deemed suitable by BOI Life for the consumer, then in by signing your name means ur attitude to risk is revised to what ever fund choice you make!!!! I mean hello? Have you ever heard the like?
The clause above states after a FULL FINANCIAL review with an Investment Manager, where VARIOUS products have been offered from capital secured investments to geared investments, this product is deemed suitable for you. I know for a fact that no FULL financial review was done, no other products were offered and the evergreen was deemed the best investment for a vulnerable 65 year cleaning pensioner with her life savings of 12k who wants to keep her money safe but earn a little if she can, who places her trust in her local bank and its staff??????? Theres nothing quite like the morals of a sales rep!
P.s To anyone interested! I have lodged complaint with BOI Life for mis conduct of Investment Manager, have all records of documents signed and notes taken on my mums circumstances, which are sketchy to say the least!!
Meant to say after 2 letters and 2 phonecalls from local branch mum went into the meeting with the investment manager and asked what she would do with her matured SSIA, she said i dont know what do u think is the best for me? Explained her circumstances, recommended to do Evergreen ONLY and totally trusted she was getting good advice!!!

IrishEllie

Johnnycabs wrote: »

Hi folks

this thread caught my eye as I know my own father has funds in Evergreen.

I do agreee with previous posters who say that any legal recourse against BOI or other providers for bad investment advice is likely to fail. I have a suggestion that I believe should be included by law on all such fund contracts - a bold box stating the specific risk classification (high / med / low / secure) of the fund, which requires the signature of both the QFA / investment manager etc and the customer. This would give the customer a written upfront warning as to the risk involved, instead of just taking someone's (unprovable in court) word for it.

Hi Johnny, technically in any paperwork for investments, it must include a risk profile with all details of applicant, in my mothers case, very sketchy info recorded by financial advisor, no ref to the fact my mum is pensioner, retiring the following year, only will have state pension etc, and this was her life savings. My mum genuinely trusted this person, didnt understand much about the investment, only that it was recommended as the best one.

IrishEllie

mono627 wrote: »

I personally wouldn't rule out recourse in this particular case if what has been said up to now is true: Old lady encouraged to put life savings into high risk fund.

johndaman66 the line here is the fact that it is an old lady with her life savings looking for a low risk investment, she should have never been advised towards any sort of risky fund unless she made it specifically clear that she was investing discretionary income.

One of the first things a financial advisor will learn is that as you get nearer retirement age your exposure to risky assets should decrease and to advise anything other than this is negligence.

I completely agree that in a normal situation you would just be told 'tough' or 'caveat emptor', but I would argue that this is not a normal situation.

Hi all just an update 24 hours after lodging complaint with BOI Ireland over the phone got a letter that says your mum signed it -so tough!
I requested the Full financial review and also received this with other paperwork, something v.fishy, info on the financial review is wrong.
Says my mum doesnt smoke, she does, says she plans to retire at 65, was in actual fact 66 when she signed these documents and retiring 2 yrs later, says she doesnt own her house, she does ex- council, no savings in credit union, she does albeit not half as much as she put in this fund , no loans which she had, small one in credit union but still, no life assurance, she has and pays from her boi bank a/c!Also does her occupation offer a pension, they did, also asked are u part of it or do u plan to be? it said yes on form, mum wasnt in pension scheme nor at the age of 66 was eligible to join
When i asked mum these questions, she said she wasnt asked anything apart from what she earned between her pension and her part time cleaning wages! Me thinks this info was inputted after she left to cover advisors arse! I know my poor mum would have answered these questions when asked so why is all this info wrong? Fishy Fishy guys!!!
Am referring to Financial Ombudsman

Thargor

Keep on posting updates so please IrishEllie.

mono627

Thargor wrote: »

Keep on posting updates so please IrishEllie.

+1

Interested to know how this plays out!

IrishEllie

mono627 wrote: »

+1

Interested to know how this plays out!

Absolutely Mono, Its funny requested all docs on Monday from Head Office, got all of them tuesday apparantly, rang to complaint tues afternoon and also to request financial review which wasnt included in paperwork received! Got the letter Friday and financial review details letter dated 16th march, which said we are satisfied that everything was done above board, then how come i didnt get financial review on tues?
And again as i said before details were inaccurate!!
Im NOT letting this drop guys!

D-Generate

Whether it is when buying a dishwasher or investing in a fund the term "Caveat Emptor" applies.

Furthermore, at the time of inception of the investment the fund could have very well been low risk. Risk is only related to historical volatility and between 2002-2007 there wasn't that much volatility in any portfolio containing property and as such the investment is classed as low-risk.

I sympathise about the losses but you simply don't have a leg to stand on in bringing this case.

mono627

For what it's worth, my position in general about someone making an investment has and always will be "Buyer beware". I genuinely have no sympathy for someone entering into an investment unaware of what the downside risk is.

That said, this case in particular really does suggest financial negligence. Why? There is nothing, absolutely nothing, about IrishEllie's mother's profile that suggests that she should invest in a risky fund of any sort!

Her profile:

• She has a short investment time horizon (given she's 65 years old)
• Investment objective is to keep her money
• Attitude towards risk is conservative
• Low income source with little future earnings potential
• The money invested was her life savings

Everything I have listed above screams that her life savings should be thrown into US or German treasury bonds or any sort of low risk investment.

However, if there has already been a similar case as Jayminato says, then you more than likely don't stand a chance. I would also imagine BoI would cover their backs fairly well with the paperwork they make you sign.

If everything that has been said thus far is true and accurate then you really did get shafted here. All of this said, I'm not familiar with any of the legalities behind any of this and I can only offer an opinion from a financial point of view.

IrishEllie, if I was you I would certainly pursue this (to the point where it is financially feasible), but I wouldn't get your hopes up about ever seeing that money again.

IrishEllie

Thanks for the support and vote of confidence guys!
In terms of the paperwork, it clearly shows that boi has not been compliant with Financial Regs rules and regulations. Apparantly a full financial review was completed, the evergreen fund explained in detail and the application form filled out ALL within a half an hour period. This is clearly not the case!! But ill let you know the response when I receive it!

soddy1979

Best of luck IrishEllie, but I would actually refrain from posting any more on this board if you think there is any chance that this case will end up in court.

bailes

IrishEllie wrote: »

Thanks for the support and vote of confidence guys!
In terms of the paperwork, it clearly shows that boi has not been compliant with Financial Regs rules and regulations. Apparantly a full financial review was completed, the evergreen fund explained in detail and the application form filled out ALL within a half an hour period. This is clearly not the case!! But ill let you know the response when I receive it!

This thread caught my eye because I am a qualified financial advisor and I hate it when we are tarnished with the same brush as bank employees,for those that are saying tough you signed on the dotted line, it's not quite that simple, there are regulations to be adhered to.

IrishEllie i have personal experience in this and i suggest you need to ensure your complaint to the Ombudsman is water tight with no ambiguity and giving yourself the best shot at getting a result, i assume the approach you are taking is the suitability of the product for your mother.

if you pm me I will help you free of charge

NinjaTruncs

IrishEllie have you gotten in contact with the ombudsman? My dad had a very similar complaint to you and he got half his loses back. Here's a brief outline of what happened with him.

He was 67, when he went into the bank to invest his money, he started talking to someone in the deposits section and they recommended the evergreen fund, he said fine as long as it's capital guaranteed, they insisted it was and referred him to the investment manager to get signed up.

The investment manager apparently done a full financial review, which my dad contested was never done, I agree with my dad here as they apparently noted he didn't smoke, but there was no mention of the heart attack he had 2 months before the meeting. My dad was signed up to the evergreen fund and believed it was secure. Making a long story short he lost 8K of a 20K investment. The official line from the bank was they done everything by the book, but all their records contradicted each other.

The ombudsman ruled that both parties were at fault, my Dad for not reading all the documents he received, which indicated the capital was not secure, and the bank for not undertaking a proper financial review, nor for them documenting how it was determined the Evergreen fund was best suited for my dad.

I had wanted my dad to argue that selling a fund with a 10 year maturity was inappropriate as he was 67 at the time and only recovering from a heart attack, but he went down the lines of he was told it was secure and it wasn't. I feel if he went with the inappropriate argument he would have gotten all his loses back. It took about 8 months to get the final rulling and about 3 weeks from then for the bank to pay up.

IrishEllie

NinjaTruncs wrote: »

IrishEllie have you gotten in contact with the ombudsman? My dad had a very similar complaint to you and he got half his loses back. Here's a brief outline of what happened with him.

He was 67, when he went into the bank to invest his money, he started talking to someone in the deposits section and they recommended the evergreen fund, he said fine as long as it's capital guaranteed, they insisted it was and referred him to the investment manager to get signed up.

The investment manager apparently done a full financial review, which my dad contested was never done, I agree with my dad here as they apparently noted he didn't smoke, but there was no mention of the heart attack he had 2 months before the meeting. My dad was signed up to the evergreen fund and believed it was secure. Making a long story short he lost 8K of a 20K investment. The official line from the bank was they done everything by the book, but all their records contradicted each other.

The ombudsman ruled that both parties were at fault, my Dad for not reading all the documents he received, which indicated the capital was not secure, and the bank for not undertaking a proper financial review, nor for them documenting how it was determined the Evergreen fund was best suited for my dad.

I had wanted my dad to argue that selling a fund with a 10 year maturity was inappropriate as he was 67 at the time and only recovering from a heart attack, but he went down the lines of he was told it was secure and it wasn't. I feel if he went with the inappropriate argument he would have gotten all his loses back. It took about 8 months to get the final rulling and about 3 weeks from then for the bank to pay up.

Hi Ninja, yes have been in touch with Ombudsman but need final response letter from BOI Solicitor before they can investigate my complaint! So will update when i know more! thanks for for your support!

IrishEllie

bailes wrote: »

This thread caught my eye because I am a qualified financial advisor and I hate it when we are tarnished with the same brush as bank employees,for those that are saying tough you signed on the dotted line, it's not quite that simple, there are regulations to be adhered to.

IrishEllie i have personal experience in this and i suggest you need to ensure your complaint to the Ombudsman is water tight with no ambiguity and giving yourself the best shot at getting a result, i assume the approach you are taking is the suitability of the product for your mother.

if you pm me I will help you free of charge

Hi Bailie thanks for your kind offer. Sent you a private msg

LimkUL

Hi,

My parents also hold an evergreen fund, is there differnent types of evergreen fund seen mentions of a Guaranteed Evergreen Fund or is this the same fund?

They invested a substantial amount in December 2006 with a maturity of 5 years 10 months.

Is this the same fund? I have the booklet and the fine print seems to assure full capital return once no encashments take place before its 6th anniversary.

Is this fund safe???

IrishEllie

Hi from the best of my knowledge there are different evergreen funds, check BOI website, but as far as i know none of them are capital guarenteed! I could be wrong. My mum thought hers was guarenteed "Evergreen S4" and it was most certainly not! If I were you, I would ask your parents to see the paperwork, if u need to pm me with questions please do, im currently chasing boi for a mis selling claim for my mother about evergreen series 4, she signed up in may 2007.

The J Stands for Jay

IrishEllie wrote: »

Hi Ninja, yes have been in touch with Ombudsman but need final response letter from BOI Solicitor before they can investigate my complaint! So will update when i know more! thanks for for your support!

The final response letter doesn't need to come from a BOI solicitor. It just needs to come from the nominated person within BOI. The Ombudsman scheme is for when there is no resolution to the complaint with the company; the final response is to show that there has been an attempt to resolve the complaint with BOI. From the sound of things, there wont be a resolution. Once you send a written request for a final response, they have to get it to you within 25 working days.

IrishEllie

McGaggs wrote: »

The final response letter doesn't need to come from a BOI solicitor. It just needs to come from the nominated person within BOI. The Ombudsman scheme is for when there is no resolution to the complaint with the company; the final response is to show that there has been an attempt to resolve the complaint with BOI. From the sound of things, there wont be a resolution. Once you send a written request for a final response, they have to get it to you within 25 working days.

the complaints teams sent me 2 letters saying they were happy the policy was sold in good faith so i referred my complaint to the ombudsman, the FO office stated i needed a final response letter and gave me the details of a BOI solicitor i needed to write to regarding the complaint, to get a final response, so i am waiting!!!

LimkUL

IrishEllie wrote: »

Hi from the best of my knowledge there are different evergreen funds, check BOI website, but as far as i know none of them are capital guarenteed! I could be wrong. My mum thought hers was guarenteed "Evergreen S4" and it was most certainly not! If I were you, I would ask your parents to see the paperwork, if u need to pm me with questions please do, im currently chasing boi for a mis selling claim for my mother about evergreen series 4, she signed up in may 2007.

I done a bit of research there found there fund it is the Evergreen Fund S9 http://fundcentre.bankofirelandlife.ie/Factsheet.aspx?FundId=548&CountryId=N0 I tried to find your fund also the S4 to no avail I'll continue to look. (On an aside does S4 refer to the time period they signed up? Or is it an actual fund type?)

On that site there is no reference to capital return guarantee. However my parents have it in writing that it is guaranteed upon its 6th anniversary (if no encashments take place) they understand this and they signed to this agreement. So if thats the case alls well. It is a 5yr 10month maturity. To date it has lost approx ~20% according to that factsheet.

I do however intend to contact BOI life on their behalf to confirm that it is guaranteed, if not I intend to follow it up immediately. I'm going to look into it a bit more if I find anything that will be of help to you i'll be sure to let you know.

LimkUL

If you have not looked it up yet, here is the fact sheet in relation to your parents fund Evergreen Fund S4.

http://fundcentre.bankofirelandlife.ie/Factsheet.aspx?FundId=554&CountryId=N0

IrishEllie

LimkUL wrote: »

I done a bit of research there found there fund it is the Evergreen Fund S9 http://fundcentre.bankofirelandlife.ie/Factsheet.aspx?FundId=548&CountryId=N0 I tried to find your fund also the S4 to no avail I'll continue to look. (On an aside does S4 refer to the time period they signed up? Or is it an actual fund type?)

On that site there is no reference to capital return guarantee. However my parents have it in writing that it is guaranteed upon its 6th anniversary (if no encashments take place) they understand this and they signed to this agreement. So if thats the case alls well. It is a 5yr 10month maturity. To date it has lost approx ~20% according to that factsheet.

I do however intend to contact BOI life on their behalf to confirm that it is guaranteed, if not I intend to follow it up immediately. I'm going to look

into it a bit more if I find anything that will be of help to you i'll be sure to let you know.

Hi as far as I know Evergreen S4, is the name of the particular fund, every time i try to download pdf on my laptop it crashes! as I said before check your parents paperwork and verify with bank it is guarenteed! Thanks for your kind offer of help

LimkUL

IrishEllie wrote: »

Hi as far as I know Evergreen S4, is the name of the particular fund, every time i try to download pdf on my laptop it crashes! as I said before check your parents paperwork and verify with bank it is guarenteed! Thanks for your kind offer of help

No worries, and I just checked out the PDF there its the exact same layout and information available on the site so your missing out on nothing. Theres loads of discussion on other forum and whatnot on Evergreen funds and its guarantees just about to read into it now! Thanks for bringing this to my attention!

LimkUL

Just in relation to the S4 and S9 differences, they relate to the different type of investment I believe S9 is lump sum.

You will see that after most fund names a number appears i.e. 1, S1 or Series 1. This is a reference to the series number. In general, series numbers differentiate between the different lines of business that we sell e.g. Investment, Pensions etc. and between Regular Contribution and Lump Sum policies

IrishEllie

Hey any luck on finding out about your parents investment?

danbohan

DRice wrote: »

Financial Advisors that say that a client WILL get their money back on a non guaranteed investment should get their licence revoked

if you have it in writing from them then it will be revoked , otherwise unless all conversations are recorded who knows whats said , i mean from what we read thousands of people in negative equity were forced at gunpoint by the banks to take mortgages they could not afford!

Thargor

I saw that 6 years and you get the original investment back written somewhere when my parents gave me an S9 fund 4 years ago and I have scoured every bit of literature I got with it twice now and I cant find any mention of it anywhere, if anyone finds it then please post it.

The J Stands for Jay

I got a letter from the Ombudsman last week saying they have a backlog of about 16-20 weeks atm. So don't go expecting a quick resolution.

LimkUL

Thargor wrote: »

I saw that 6 years and you get the original investment back written somewhere when my parents gave me an S9 fund 4 years ago and I have scoured every bit of literature I got with it twice now and I cant find any mention of it anywhere, if anyone finds it then please post it.

I have it in writing on a informational booklet if that helps the actual forms are not available but the S9 is guaranteed after its 6th Anniversary once you don't touch it during that period its a lump sum investment current price 1.379 per unit. A total of ~23% decrease on original value.

And yes ellie it is safe, any luck with yours?

IrishEllie

LimkUL wrote: »

I have it in writing on a informational booklet if that helps the actual forms are not available but the S9 is guaranteed after its 6th Anniversary once you don't touch it during that period its a lump sum investment current price 1.379 per unit. A total of ~23% decrease on original value.

And yes ellie it is safe, any luck with yours?

Nope not yet Lim, they have 25 working days so thats up on May 6th to issue final response! The facts are clear, lots of issues of non compliance, so we'll see how it plays out! P.sLim u can request all documents of BOI Life with parents consent, just to see what they actually signed and all info gathered on them! I would do it just to have it!

Thargor

LimkUL wrote: »

I have it in writing on a informational booklet if that helps the actual forms are not available but the S9 is guaranteed after its 6th Anniversary once you don't touch it during that period its a lump sum investment current price 1.379 per unit. A total of ~23% decrease on original value.

And yes ellie it is safe, any luck with yours?

Excellent stuff thanks for that, and yes mine is down exactly 23%, still tempted to cash it and buy more RRL or RMP or GKP though, probably make way more than that in any of them.

boiloser

Hi isishellie - we have a similar case and may be able to help you. Let us know if you want to talk.

Will23

sorry to hijack the thread somewhat guys and gals but i have an evergreen S4 and having been paying into it for nearly 5 years.

while it lost nearly 32% in 2008, it has been on the rise again recently and was heading towards even except these last few months have ben very turbulent.

anyway my question is do any of you know if it a unit based fund? i.e. when paying into the fund at the low point of 2008 were we buying many units very cheaply, which should bear fruit in greater quantities when they begin to rise again?

I'm just wondering if i should get out after the five years and take it when it breaks even or stay in for a little longer, it seems it might be easier to stick the lump sum into a better deposit account.

thanks for any advice folks, cheers!!

Will.

IrishEllie

boiloser wrote: »

Hi isishellie - we have a similar case and may be able to help you. Let us know if you want to talk.

Can you send me pvt msg with contact details please?

IrishEllie

Will23 wrote: »

sorry to hijack the thread somewhat guys and gals but i have an evergreen S4 and having been paying into it for nearly 5 years.

while it lost nearly 32% in 2008, it has been on the rise again recently and was heading towards even except these last few months have ben very turbulent.

anyway my question is do any of you know if it a unit based fund? i.e. when paying into the fund at the low point of 2008 were we buying many units very cheaply, which should bear fruit in greater quantities when they begin to rise again?

I'm just wondering if i should get out after the five years and take it when it breaks even or stay in for a little longer, it seems it might be easier to stick the lump sum into a better deposit account.

Will i suppose it depends how much risk u are willing to take? Im not a QFA of any description but one thing i have learned recently is, what is ur circumstances? Do u need the money soon? Are u willing to let it sit for the long term? Apparantly you have to be willing to take the rough with smooth over a long period say 8 years plus! Personally i am adverse to any kind of risk even at my young age of 29! I want to make sure all i have i keep!!Economists predict different things every day so how is joe bloggs suppose to guess what will happen in the future?

Will23

thanks irishellie, funnily enough I recently weighed up the potential reward against short term debt and interest charges and it made sense to cut my losses and get out now, as the return would never match the cost of servicing that debt!

sent off the encashment form yesterday!

i am in a different scenario than the stories above, like yours, as in i knew the risk getting in and i'm young and was just looking for somewhere to put some savings.

i took the gamble and if i was prepared to wait it out i probably could make some money, but short term needs have taken over (as they have for everyone else in this climate right?)

i hope everything works out for you with your case! It does seem that bad advice was dished out willy-nilly to lots of folks!

thanks again,

Will.

royalcarlowgc

Hey guys,

My investment is prob down 20% (still have €80,000) but looking at the Post Office Savings Bonds 3 years, I think I might get out and cut my losses.

From what I understand If I invest the €80k in the post office savings bonds I will get back €88,000 after 3 years & DIRT will not be applicable.

If I stuck with the Evergreen Fund it would have rise to €90,400 to match the Post Office return (€8,000 plus the likely hood of 30% DIRT €2,400 = €10,400)

I may be wrong in my assumptions but looks a no brainer to me

Thargor

How long have you had it? If its one where you get your original investment back after 6 years it might make more sense to leave it where it is, theres also the tiny chance it might actually break even/show a profit in that time. Dont ask me how to check if you can get it back after 6 years, its well hidden, read back through this thread and PM the person who knows about this.

IrishEllie

McGaggs wrote: »

I got a letter from the Ombudsman last week saying they have a backlog of about 16-20 weeks atm. So don't go expecting a quick resolution.

Hey McGaggs any luck on your complaint with FSO? I got a letter in September stating they were starting investigation at the minute going back and forth with submissions to BOI Life via FSO. Hopefully it will be done and dusted by December!

The J Stands for Jay

IrishEllie wrote: »

Hey McGaggs any luck on your complaint with FSO? I got a letter in September stating they were starting investigation at the minute going back and forth with submissions to BOI Life via FSO. Hopefully it will be done and dusted by December!

Just got my response earlier this week. Not upheld. Bit disappointed.

IrishEllie

McGaggs wrote: »

Just got my response earlier this week. Not upheld. Bit disappointed.

Ah mc gaggs sorry to hear that! Would u mind pm-ing me? Would like to get talking to you if possible!!!

Xmasholly

McGaggs wrote: »

Just got my response earlier this week. Not upheld. Bit disappointed.

Why was your case not upheld? really interested to know!

IrishEllie

McGaggs wrote: »

Just got my response earlier this week. Not upheld. Bit disappointed.

Thanks for getting back to me Mc Gaggs, was sorry to hear that it wasnt successful. I am now awaiting a decision which will not be issued till January according to the FSO, which will be 6 months from when the FSO started the investigation!
Interesting news:
http://www.efinancialnews.com/digest/2011-12-06/hsbc-faces-gbp-40-million-bill-on-mis-selling-to-elderly-clients

We really need the same ruling here in Ireland, there are too many elderly customers being advised still to make investments that are too high risk and are totally inappropriate for them.:mad:

Xmasholly

http://www.dailymail.co.uk/news/article-2071391/HSBC-staff-told-target-lone-elderly-customers.html

Check this out everyone, when is the irish regulator going to investigate this here?:mad:

Xmasholly

IrishEllie wrote: »

Ah mc gaggs sorry to hear that! Would u mind pm-ing me? Would like to get talking to you if possible!!!

Hi McGaggs, Irish Ellie here, cant remember my log in at home, its only saved on my work pc.
Got word today from FSO! Got just over half of my mums money back,
the reason behind not getting it all, is that my mother "should have copped on much sooner when the value of the investment went below the original sum + regular monthly contributions level" Go figure, not entirely happy but still its better than nothing! Its given her a little self respect back and thats the main thing

lee1986

Very disappointing stuff... i am waiting on the FSO findings to my complaint.

I went in to BOI in 2006 in the 1st week of starting my first job (still not a permanent employee) i wanted to open a savings account went to the front desk told the lady behind i would b saving half of my wages, she directed me to speak to another member of staff (an investment adviser). he advised me to start saving 500 per month then increase at a later date as i really wanted to save 1000 per month as i was saving for a deposit for a house i told him this. I was very young at the time still in my teens. I deposited 24k over 2yrs i lost 8k and en-cashed the policy as soon as i seen this. I came away thinking i had a savings account not an investment. 'a full financial review' was done on me also they said i could afford 350 per month to save yet they knew i wanted to save 1000 from the start, i was never offered any other options to do with savings i never had any other money even going into my current account why wasn't i just given a separate account, deposit or regular saver account ect??? I had no saving experience what so ever.

Will let you know what the outcome is

Thargor

Are you going through the FSO or some avenue? If you're just complaining yourself I doubt you'll get anything.