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