Financial Ombudsman and oral hearing

ABank

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I am awaiting a decision from the FSO on an investment I made through AIB where I was advised to borrow in Yen to invest in Japanese property. AIB now maintain that this is a Euro and not a Yen fund. I have suffered large 'paper' losses as the Yen has strenghtened over the period but as I have not yet repaid the loan the losses are not realised. I have raised the matter with the fraud squad as AIB removed an AIB signature from the Fact Find submitted to the FSO. The fraud squad have advised that they can not act until the loss is realised. I am now concerned that the FSO may adopt a similar view in his decision. Should I repay the loan prior to the FSO decision to crystallise the loss?
 
The nature of the transaction as described sounds very unusual!!
1. What made you beliebve that the original loan was made in Japanese Yen? You would have received an offer letter from the Bank and signed this before drawdown. Amount and currency would have been clear on the LO!
The Fact that a signaure was not apparent from the Fact Find submitted to the FSO would not necessarily be an issue of concern. If the details on the fact find were altered this would obviously be a different matter.
I also can't see why this would constitue a fraud! The Bank are not claiming that the fact find was not completed by 1 of their officials. Unless the document was altered, there would appear to be no fraud committed.
If you feel hat you have been defrauded, why don't you consult a solicitor before taking any action that might cause a further loss to you?
 
My question is in assessing damages does the Financial Services Ombudsman look at whether the loss has in fact been realised where an investment term has not yet ended? AIB may not realise the investment which was due to end in 2012 until say 2016 (they have a right to do this under the terms of the agreement), my actual losses may therefore not be calculated until then. As I am extremley concerned over the possible collapse of the euro and incurring even larger losses then, I am prepared to crystallise the currency loss at this time, if this is what is required to prove to the FSO that I have incurred losses. I would really appreciate if someone who has experiences of the FSO office to advise if the FSO might take the view that when the investment term expires only then can the true loss be determined. On the other hand is it possible that the FSO might take the view that if I can afford to repay the loan (via family support) that I reduce his sympathy for my position?. I really dont know how the office works and I know many of you have had experience of decisions so any advice would be appreciated.
 
Thanks for the advice I have already submitted my complaint over a year ago and it has not gone to investigation yet as there is a lot of correspondence going over and back between me and AIB. AIB are very slow to respond so it has been delayed. I expect that this part of the process is now almost complete and the FSO will commence investigation shortly which is why I need to know if I can strengthen my case by realising the loss.
 
Anyone like to share their experience of an oral hearing with the FSO?
 
Anyone like to share their experience of an oral hearing with the FSO?

Very hard thing to achieve. There has to be willing parties on both sides to attend an Oral hearing. The Financial Providers normally loathe an Oral hearing as the truth might come out.

OP it's January of this year since you posted concerning your matter. I'm surprised that some eight months later that you have not heard from the FSO !
 
It can take that long. You can ask the FSO to hold an oral hearing. These are formal and under oath. Each side can cross examine the other side as well as put forward their own case. The Chairman invariably ask questions of both parties along the way. Can be very effective.
 
Oral hearings do not happen very often. There must be two willing sides to take part in an Oral hearing. In most cases the Financial Provider declines the request. I have yet to hear of a case where an Oral hearing took place.
 
they DO happen - and the FSO has the power to subpoena as i said previously - i know this to be true
 
The reason for the delay in setting a date for the oral hearing is because we are unsure whehter to proceed with the FSO or to take proceedings in court. The FSO will only agree to my husbands evidence, the AIB private banking advisor and AIB relationship manager. He
 
You can request an oral hearing which is your constitutional right. The FSO does not have to accede to it unless there is a difference of facts or in events. If there are and its not granted the High Court would liklely overturn the decision (as long as there are 2 distinct versions of facts/events)
 
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