evergreen fund

But they are indirectly. On reading what happened in my case, would you be inclined to invest with such a company ????
 
mercman said:
But they are indirectly. On reading what happened in my case, would you be inclined to invest with such a company ????
Click to expand...

Is this a case of ethics or fund performance? totally seperate you can hardly blame the recless action of this sales employee on the fund managers at New Ireland.
Again would you not be better leaving these issues on the side until you have proven your case an can back up these claims not that i am saying they are without fact though..
 
crumdub12 said:
Would the capital loss of first policy not be taken into account ?? , this is a genuine question.
Click to expand...

No, Exit Tax doesn't work like Capital Gains Tax in that respect. You could cash in ten policies at a loss and one policy at a gain. You'll pay the Exit Tax on the one policy that made a gain and the losses on the ten others won't be taken into account. Each policy is taxed in isolation.
 
Both do run hand in hand. The fund management could well be Top Brass but the those that handle the money are as important. I have no problem in the back up -- I'm not that stupid to put in writing something which could not be backed up. It's with the Ombudsman at present and then to go to the Regulator. Will be a while as under present circumstances things are somewhat busy. If I chose the legal route it will take 2 years minimum.
 
mercman said:
Both do run hand in hand. The fund management could well be Top Brass but the those that handle the money are as important. I have no problem in the back up -- I'm not that stupid to put in writing something which could not be backed up. It's with the Ombudsman at present and then to go to the Regulator. Will be a while as under present circumstances things are somewhat busy. If I chose the legal route it will take 2 years minimum.
Click to expand...

To be fair this is not what the thread was getting at and best left at that.
Good luck with your complaint.
 
johnnygman said:
I am not a fund manager for NEW Ireland or BOI or any other fund and have no intersted in whether it does recover or not,trying to be objective here. its fair to say you have no understanding of the markets or the fund and have shown that in what you have already posted, try reading my replies and responding with fair comment instead of repeating yourself, ill add this in just to make it more obvious what one of my points was.
I do not have a crystal ball though so ill leave the guessing game up to yourself you obv have a chip on your shoulder about this fund as you lost money i assume and have lost objectivity.

Quote from earlier "I also think its fair to say the whole point of my post has been lost on you even the bit about Sterlings weakness against the euro being a large reason for the current poor performance of the Uk commercial property asset, in that i dont think this will continue over the longer term"
Click to expand...

Touchy, Touchy Johnny ....


Was,nt looking to bait you, just looking for a ballpark timeframe for recovery in your opinion.
 
LDFerguson said:
No, Exit Tax doesn't work like Capital Gains Tax in that respect. You could cash in ten policies at a loss and one policy at a gain. You'll pay the Exit Tax on the one policy that made a gain and the losses on the ten others won't be taken into account. Each policy is taxed in isolation.
Click to expand...


Thanks LD,


You learn something new every day
 
i would also sugest you keep putting in the €130 a month. Question is how much can you afford to loose. If you dont need the money in a hurry better to hold out as the market will improve long term

By the way i am putting €1000 a month into the fund. I am debating whether to recuce the repayments so I can invest in the housing market instead. However I will loose my 7 yr loyalty bonus which still has 5 yrs left. Any advice
 
Hi,


just discovered that an Investment Manager in BOI sold my parents over 20grands worth of this fund in June 2007. this money was my dads lump sum from his retirement. I cant believe that a financial advisor would recommend, knowing the details of my parents situation (both in their 60s), investing in shares!! They've lost half the money so far, as far as I can see.

Do you think this is a case for the financial ombudsman? I'm Livid and my mother is in an awful state.
 
Hi Finty

My widowed Aunt was sold the same. Invested a 6 figured sum- all she had-. I've decided to take it to the FO after I have contacted the bank.
 
Hi Finty

Got the number of the guy who sold her the policy & rang him. He is in a different branch but is coming down to meet me. Told him her solicitor advised her to get in touch with him before she sends letter to his HO-no solicitor-bold girl me. Anyway v much looking forward to meeting him & exchanging viewpoints.
 
The Financial Ombudsman will only look at the matter after you have got a Final Response Letter from the provider. In the cases you have outlined there are different perceptions. However before I deal with each one separately, the only credance I will offer to those that sold the Policies is to question as to how were they supposed to know the markets were going to drop as much as they did ?? They could not of known.

Flinty in you case the Bank will answer that your father was fully aware of what he was investing in. Was he offered any discounted Management Fee or Allocation Bonus ? Now saying this the fund is likely to recover somewhat over time. Maybe not the full amount but time usually makes up the losses eventually.

Within29. If your Aunty invested a six figure amount was she offered a choice of funds to invest in ?? Was she offered an Allocation Bonus or reduced Management Fee ??

The funds that are sold by BoI are New Ireland Funds and are in most cases the same. However BoI Life are Tied Agents of New Ireland, but if you invest in New Ireland you are more likely to get a better deal from New Ireland than BoI Life. Better still if you go an untied broker you are more than likely going to receive an even better deal. Both NI and BoI Life who control the funds are fully aware of these facts but do not advise the clients of any of these situations.

In my case I was offered a deal in writing from NI and then gave them my money and they then refused me the deal I was offered. But their agent told me in writing that he would get me the deal if I paid him a fee. We are talking about a significant amount of investment and I have spent 18 months trying to sort this mess out. If you saw the lies I have in writing you would be amazed. I will strongly advise (and I will as these stupid people put so many things in writing) either to try and move your money to others or for others reading this to invest elsewhere. You are dealing with Bandits simple as that and I am awaiting for the Ombudsman to revert to me. The main reason I have gone to them is that they are quicker than the Courts.

Regardless of what the Ombudsman finds I intend in spending a significant amount advising the Public of this incredible carry on. By the way they asked me what I wanted and I told them I simply wanted my money back. They refused so I will wait - I don't mind, but their lack of dealing with me will cost them a hell of a lot more in the long run.

BoI Life and New Ireland -- Pure Chancers. There are many other investment firms that are more honest and credible. And as per Flintys case and Within29, whose parents and Aunty invested their retirement fund, their circumstance were ignored and it does appear the only matter important was the Commission for the Agent selling.
 
Last edited by a moderator:
Just to report that the Financial Services Ombudsman determined on this case in mid June. As New Ireland have not launched an appeal, I will be, as previously stated providing the details of the Ombudsman's report and the cost to New Ireland. No settlement has been forthcoming from NI, but after waiting 32 months (2 years 8 months) for some justice, it will happen. I will post the findings as soon as my solicitor has given the OK to the findings and to avoid litigation.
 
Mercman, I think in making a decision the ombudsman must have regard to the rules guidance and statements of good insurrance practice. Now I'd like to ask the forum if this takes precedence over the strict legal position? My understanding is you as a claimant are not bound by a decision but NIA as a member is - as far as I know.
 
mydosh I think Clubman has given you very valid advice with regards to time in the market. Also please, please do not just question the biased nature of bank investment staff but also their level of competetnce.

I think its important that you leave your money invested in the market although its very important you look at what your invested in. Evergreen is a fund I'm a big sceptic of and really do not like. Few of the regional managers outperform and its composition is very dated(huge exposure to irish equity and property). Get some really indepepndent advice and give your money the best chance possible of benefitting from any upswing.
 
Sumatra said:
My understanding is you as a claimant are not bound by a decision but NIA as a member is - as far as I know.
Click to expand...

No incorrect. Late last week, my solicitors got notice that New Ireland were to appeal against the Ombudsman's determination. No reason has been forthcoming, but no doubt some incredible excuse will occur.
 
Can anyone tell me how the S4 Evergreen product works in terms of the number of share units you get for your monthly installment?

Has anyone received a detailed statement showing exactly how many "shares" their monthly investment bought? Is it possible to track your investment in terms of "shares" and their values?

I have never received much detail from BOI.

Thanks for any help.
 
anyanswers said:
Is it possible to track your investment in terms of "shares" and their values?

I have never received much detail from BOI.
Click to expand...


The originator of the Evergreen Fund is New Ireland Assurance, a subsidiary of the BoI. Unless you continually pester the BoI and New Ireland, they won't release much information on the fund apart from the basics. You might have to ask the Regulator on the scope of the info investors are allowed to have. There are so many questions and queries in relation to this fund and the family of funds, I find it amazing that Joe Public continually invest in these funds rather than shopping for the best deal from an Investment firm that relishes their customer base rather than one which has leaves many questions.
 
You must log in or register to reply here.
Back
Top