banks ill advice for pensioners investments

L

louiejack

Guest
Just wondered if anyone has had similar problems. My Mam came to me last week very upset saying she is losing money in 3 investments with Irish life not only that but she didn't realise they were locked in for 6 years until 2013 when she will be mid 70! I went to query this and they said if she were to release them she will have to pay a penalty and the person was very rude stating my Mam had signed forms. I asked was it common to lock away old peoples money for 6 yrs+ and he had no comment. Mam now needs money for medical reasons and I need some sound advice as to what to do. Does she just cut her losses and cash them in at a loss because she certainly can't wait another 5 yrs. What annoys me most is if your talking to my mother you would know instantly that she doesn't understand stocks & shares I really think they saw her coming. Any advice is welcome.
 
Hi there,

Sorry to hear about this problem. I have heard of consumers being "advised" by individuals in financial institutions to do certain things that were questionable to say the least. Thankfully these seem to be isolated incidents.

If you think that your mother has been mis-sold an investment product try the link below. If the link doesn't work log on to www.itsyourmoney.ie to check your rights. If your mother was mis-sold then your mother should have some comeback on the institution in question.

The financial regulator takes these complaints seriously, so follow the steps and see where it gets you.

Let us know how you get on if you take this approach.



http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=96&pID=147&nID=393&aID=0

See also, link to recent article on mis-selling [broken link removed]
 
Hi Louie

It is the Financial Services Ombudsman you should be going to and not the Financial Regulator.

Check out their [broken link removed] in particular the case studies and last year's annual report. They have given many rulings against financial services companies for the manner in which they have sold investment products to elderly people.

If you find a case study similar to your own case, then you should write to the named person in Irish Life and seek a refund of your money. I would imagine that they will probably sort you out.

If you are not happy with their response, you can go to the Ombudsman.

In the mean-time, you should make a partial encashment of the product if you need money.

Brendan
 
Thanks for advice. I've lodged a complaint with the Financial Services Ombudsman and will let you know how I get on. I just can't ignore this.
 
You must log in or register to reply here.
Back
Top