# Bank of Ireland Life - Check your Management Charge ??



## mercman (28 Feb 2009)

If there are any others out there that have invested in Bank of Ireland Life funds and were promised a reduction in Management Charges, you had better start by checking that you are not been overcharged instead of any special arrangement. I invested a lump sum with them in Nov 06. After seeking clarity and evidence for the reduced Management Charge, I was sent figures showing that the implicit Management Charges had already been deducted and a further 1% deducted as well. So instead of a 'special' 1% Management Charge I have been deducted 2.5%. Have written to the Manager that sold the Policy, the Investment Manager, the MD of BoI Investments, The Customer Care Team and the Legal Department in the past 14 months and have received no reply. Literally nothing, And the Financial Services Ombudsman cannot either. So if you are on a special deal check it out and do not take their word on it.


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## Brendan Burgess (13 Jul 2009)

bump


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## mercman (16 Aug 2009)

Just to advise that the Financial Ombudsman made a determination in this case in my favour. The case is being appealed by New Ireland but they have not complained concerning the Ombudsman's decision over past happenings. To date it has taken near to three years to get some clarity on this issue. An additional 1.5% in fees per year doesn't sound much,but over 10 years this is 15% of a potentially increasing values. So my first post was not a rant -- plain and simple reality.


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## Bronte (17 Aug 2009)

Did the financial ombudsman fine them for not replying to your correspondance? I find it extraordinaory that they just ignored your letters. I thought there was a rule that complaints had to be dealt with in a certain timespan.

Who does the appeal go to?

Could you explain how the charges were not obvious ? For example you mention an 'implicit' management charge. I don't know anything about these investments but I'd like to understand them. When you invest you must be signing some document that outlines the charges? Why was a special arrangement given to you that the fees would be reduced?


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## mercman (17 Aug 2009)

Hi Bronte. The special arrangement was given due to the amount of the Investment. There was no fine implemented as yet as far as I know. I was waiting for the letter of Final Response nearing on to four months. The appeal goes to the High Court. The standard charges are in built to the funds. For a special reduction in the charges, the Investment companies allocate extra units in the funds simply to offset the normal / standard charges. I did sign the Investment documentation subject to the offer sheet in *October 2006.*


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## mercman (5 Sep 2009)

Just an update -- The appeal papers do not state anything regarding the overcharging of the Management fee (this was 2.5% instead of 1%). They are not appealing any of the issues which derived over a 2 year period - including an attempt to extort money from me. The provision of false figures to make something appear what it wasn't. And a request to halt my possible encashment in order not to effect the earning of commissions. ALL IN WRITING.

And the very same people are still working for the company selling financial products.


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