# Ombudsman ruled in my favour.  Advisor refusing to pay award.



## barney76 (10 Feb 2014)

Anyone got any advice on this?


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## Brendan Burgess (10 Feb 2014)

OK, you got a decision from the Ombudsman. 
The broker did not appeal it. 
The broker did not pay it.
Did you report the non-compliance to the Ombudsman? That would be the first thing to do. The Ombudsman gets really annoyed if a financial services provider does not follow his decisions. 



> told by brokers solicitor that it cannot be enforced as investment cannot be assigned.


What sort of an investment is this?  If it's a unit linked investment, it can be cashed and the broker can make up the shortfall.  The broker can meet the principle of the Ombudsman's decision even if the actual decision can't be enforced. 


Secondly, what does your solicitor now advise?   Does the broker have any case? It doesn't sound like it. He has lost twice already. He could win in the High Court, but from the sounds of it, it's highly unlikely he would be awarded costs against you.  You would have to pay your own costs. 

Thirdly, have you reported the matter to the Central Bank? The Central Bank would not be happy to hear of this messing.  I would suspect that he will get a visit from the Central Bank and be told to resolve the issue.

Brokers must have Professional Indemnity insurance. You are probably dealing with the solicitors for the insurance company.  You will get paid and it's crazy that it has taken this long to achieve it.


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## barney76 (10 Feb 2014)

Thanks Brendan for your reply. 

It was a property investment and a total mess . totally wasted the


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## Brendan Burgess (10 Feb 2014)

What do you mean "u was in contact with the Central Bank"? 

Did you make a formal written complaint naming the broker? 
If he sold a product which he was not authorised to sell, they will take it very seriously.
The fact that you have lost as a result of advice he was not authorised to give is a very serious regulatory issue.

Unfortunately, if someone just refuses to pay their debts, you must pursue the legal process, which is slow, but sure.


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## barney76 (10 Feb 2014)

Thanks Brendan. 

My Solicitor is confident that it will be resolved very soon. 
I will look at all other options after thus is over as I feel I have a great story to tell and also all the obstacles I have faced to get this far.it would certainly make very good reading.


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## Gerry Canning (12 Feb 2014)

barney76.

Can you help me please,
Did you find Ombudsman to be consumer friendly.
Did you find Ombudsman process daunting.
Did you find Ombudsman helpful, in that, did he volunteer pointers.


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## Brendan Burgess (5 Mar 2014)

This is what the Bill Prasifka told the Oireachtas Finance Committee today

*[FONT=&quot]Where providers have not paid[/FONT]*
  [FONT=&quot]Where we are told – we write to the provider telling them we expect them to pay[/FONT]
  [FONT=&quot]We tell them we have the power to issue proceedings[/FONT]
  [FONT=&quot]We have done this – usually smaller providres in receivership [/FONT]
  [FONT=&quot]When we are made aware , we pursue all of them [/FONT]
  [FONT=&quot]Recent example - we learned a provider was in liquidation, we contact the liquidator. [/FONT]


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## barney76 (16 Mar 2014)

*Ombudsman ruled in my favour and broker refused to pay out*

I recently put up my details but took it down as it was still going through the courts. 

Back in May 2012 The Financial Service Ombudsman ruled in my favour an investment I brought to thier attention. 

He directed that the Broker gives me my money back and in return I assign the investment to him . All through the investigation the broker got x3 extensions to produce information got caught out on lies as he switched solicitors .

It clearly stated on the findings that either party had 21 days to appeal the decision to the High Court. I felt he got away with alot but was willing to move on with my life and put the stressful ordeal behind me as I have 3 young children to look after.

After the 21 days I sent a fax to his solicitor requesting the funds to be paid into my bank account. I got a reply back telling me it was up to me to assign the investment which I got done.

I then sent it to them and heard nothing back so I went to a solicitor to request my money.after 10 days or so the brokers solicitor sent a letter back saying they already had sent a letter to me telling me the Ombudsmans findings could not be enforced as the investment couldn't be assigned and  basically it was tough look on me.

I then went back to the Ombudsman and sent all the correspondence to them and asking them what do I do next.the ombudsman's office explained to me that because it wasn't appealed the findings was legally binding by both sides. 

The solicitor that I used then said give me €300 and I will get it viewed by a barrister. I explained that I didn't have that money and could I fix it up with him after the case.he wouldn't agree to this.he then made a phone call to the Ombudsmans office and spoke with them about what to do next.

He phoned me back and told me to give him money and he will write a letter to the office on my behalf again at a price of €300 or so.i told him I wanted to talk it over at home and come back to him on that.his attitude then changed and demanded I pay him for his time or he would keep my file until I paid him.

He then went me a warning letter demanding money or he would issue legal proceedings against me.we came up with the money to get our file back and had to start again.

I got in contact with another solicitor who took my case on ane agreed to be paid after the case was over.we had to start all over again with a letter to the brokers solicitor looking for my money.we got back the same response back and more letters went back and forth to each solicitor which dragged on the ordeal longer when eventually we issued proceedings against the broker.

We got a date for early November 2013 and when it got to November it was adjourned by his side so we got another date in late November which was adjourned again until January 2014 and to say it ruined our Christmas would be an understatement. 

We got to the circuit court in Dublin and both cases were put to judge and they claimed it was up to me to appeal the ombudsman decision as I should of known that investment could not be assigned. Thankfully the judge said if he had a problem with decision he should of appealed the findings and instructed the broker to pay me and also my legal costs. 

I was relieved when it was over but angry about the whole ordeal as I have never come across anything like this on case studies etc.

I then got an email from my solicitor in early feb advising me that the broker intended to appeal that decision and I would have to start paying installment s to him until case reached the High Court. 

The stress we as a family were put through was getting unbearable as the broker was seeking a stay on paying me until the appeal was heard which could take up to a very long time and I felt I was getting bullied by the broker as he had an opportunity to appeal the ombudsman but he wouldn't but had no problem bullying a family to the courts. 

Thankfully in February his request was denied and he has to pay me and also my legal costs but he still has an opportunity to appeal the decision from January 24th.

I totally feel let down by the whole process as this has taken 4 yrs of my life and my ICB is severely affected by this and my family and I were put through total hardship because the broker did not follow the ombudsmans findings. 

The question I would like to put out is what happens now? Can I report this broker  as he is regulated by the regulator and also had I known it was not insured I certainly would not of dealt with him in the first place but because he changed the status of his company from sole trader to limited company through the Ombudsmans investigation the ombudsman has requested that he personally pays me.

I also find it disturbing that he was allowed to carry on trading while this was going on or is this what happens in life that the ombudsman makes a decision and financial regulated companies just ignores the decision and carries on trading and hoping people get intimidated and not bother following it through or there is a serious flaw that needs to be examined so other families dont have to go through what we went through.


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## barney76 (18 Mar 2014)

Thanks for that brendan.had that been the case it would of saved me nearly 2 yrs of stress and also it would of ruled out my broker having an opportunity to appeal against the decision when I brought him to court to try anr get my money. 

Had the ombudsman got involved after I sent in documents from the brokers solicitor clearly stating the findings could not be enforced I wouldn't of had to go through more of this


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## barney76 (18 Mar 2014)

Hi Gerry

It was a very regimental process-they clearly kept very independent through the investigation. I did feel at times they were very lenient with the broker and gave him alot of extensions they also had to send him a reminder about responses which clearly made me very frustrated

I found it very daunting the whole process and also hearing very mixed reviews about the ombudsman s decisions but thankfully the truth came out.


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## DB74 (18 Mar 2014)

Can you name the broker.

Presumably the fact that the case has gone to court etc means that there are no legal ramifications here but maybe Brendan can clarify whether this is possible or not.


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## barney76 (18 Mar 2014)

My Solicitor told me to get the money first and then do what I like. 

I just felf so alone and frustrated thinking it was over after tbe ombudsman but little did I realise it was only starting and feeling I've wasted so many yrs on this when clearly the ombudsman should of intervened


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## Gerry Canning (18 Mar 2014)

There is no doubt that the system is engineered in such a way as to frustrate the normal Joe..
It has been engineered with a legal mindset by people of Banking/insurance experience. eg giving broker too many chances.
They may well believe they are acting in the Public Interest , and may well be acting in good faith.Eg Ombudsmen not appreciating the damage justice delayed does.

Whilst we continue to have Legal People checking Legal People, Guards checking Guards,. Ex Bankers checking Banks,etc we will continue to lose faith in institutions..

Reliance on (experts) is dangerous.


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## barney76 (18 Mar 2014)

Hi Gerry,

is there anything more i can do about this or is it tough luck my broker is an arogant person and unfortunatley i have to suffer a further 2 yrs of this?

can i make a compalint to the central bank? i am so mad about this and his arogant behaviour i would love to report him further and if i did who could i report him to?

any suggestions? i appreciate that it could of gone wrong for me in this and to move on but how many cases are out there that would be similar to mine but people didnt have the stomach to drag it through the courts?it should never of gone that far and i would hate if another family had to suffer like us


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## Gerry Canning (18 Mar 2014)

From what I read from you;
1. For all its faults ,the System is now on your side.Circuit Court judge has told broker to pay up.
(follow up on this and request enforcement)
2. Once Ombudsman adjudicates on Ombudsman claim, the only appeal is via High Court.
(ie he has lost)
3. To change from sole trader to ltd company mid way through process is unlikely to help him.
(has he assets in his own name?)If so look at issuing judgment against him.
3.Report him to his relevant trade body.Also to relevant Central Bank section.
4. Your ICB? Was it impacted because matters were not resolved in time? 
If you have judgment in your favour you can have ICB noted and amended.

Sadly the whole system gives a pretence of fairness for Joe Soap. 
If Courts have judged against the Broker in his sole name , it is in the public domain . You can now name him.


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## barney76 (18 Mar 2014)

Thanks Gerry.

That was the issue-he did not appeal their decision,it was only after the 21 days after findings when i went looking for the money his solicitor informed my solicitor that it could not be enforced

I have judgement now against him

Thanks i am going to report him and now this is not about money this is about how he could get away without appealing their decision and wait for me to go looking for my compensation that he could then tell me that the finding could not be enforced

My whole gripe with this is it took a nearly 2 yrs from the finding which i repeat was not appealed by either party to come to this conclusion and because he looked after all my finances he knew exactly where i stood with funds and also with a young family it was like he wanted to bully me into pushing this out as far as he could,had the ombudsman jumped in he may have not been so confident and would not of dragged this out as long as he could

My ICB was perfect before all of this

Thank Gerry


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## Gerry Canning (18 Mar 2014)

Good; 

1. Judgment against him , hopefully he has assets you can chase.There is a lot to be said for righteous vengance!

2.Make sure you report to his trade body .But wait until you have your money in your fist as no point annoying him yet.

Fair dues to you for keeping going.


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## Time (18 Mar 2014)

Is it judgement against him personally or against some limited company that he trades under?


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## Gerry Canning (18 Mar 2014)

Time; 
I gather ruling and judgment in personal name.


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## Time (18 Mar 2014)

Then that is something. At least he can be chased by the sheriff and hauled into court for an instalment order if necessary.


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## barney76 (18 Mar 2014)

Yeah its against him personaly


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## Gerry Canning (18 Mar 2014)

+ having judgment registered against him ,does not help him.In business these thing get known and hiding under ltd unless you are a big bank/insurance comp does you no good.


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## barney76 (18 Mar 2014)

The only positive thing to come out of this . It's the whole episode the gets my blood boil.when you trusted someone for yrs and they abuse that. It really showed who he was through investigation.what he was telling me for yrs and what he told the ombudsman is just unforgivable and how he  can sleep at nte


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## Gerry Canning (19 Mar 2014)

barney76.

Your (friend) may well be a chancher , but all he was using was the insulation provided to him by our flawed systems. I include in flawed systems our Ombudsman.
There is no way you should have to be posting this after 4 long and hard years.


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## barney76 (19 Mar 2014)

Thanks Gerry

Some people really know the system and don't care about anyone elses situation


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