First Active sold Tracker Bond sold to 70yo now she needs accesss to the money? UB?

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lyonsie

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My friends mother was sold a tracker bond by 'First Active' when she was 79 years old (in the comfort of her own home).

This lady is now 82 and in very bad health. She needs access to her funds and will have to wait until Nov. '11.

As First Active was taken over by Ulster Bank this is now an 'Ulster Bank' issue to be dealt with, I believe.

My friend went to speak to someone in the local Ulster Bank and was told that this should not have happened, but that the person that sold her mother this product was no longer with them and it was not their problem.

Who should she go to to have this money made available to this old lady, and can she get all her money back.

We are talking about a sizable amount, with smaller amounts to mature in '13 and '15 too

I recall hearing something on the radio last year about staff in some financial institutions selling these type of products to O.A.P's for commission, but not putting the best interests of the investor first.

Having elderly persons money tied up for long periods when they are in the time of their lives when they may most need to access funds at very short notice.

Anyone got any suggestions, please.
 
Re: Tracker Bond sold to O.A.P.????

I don't know that the Ulster Bank employee that fobbed off your friend would be correct. If their employee sold the product, they did so on behalf of the company not on their own behalf. I'd go back and look to speak to a manager.
 
Re: Tracker Bond sold to O.A.P.????

Make a formal complaint to Ulster Bank about the miss selling and ask them for a final response letter. If they don't pay up you can take the matter to the Financial services ombudsman.
 
Re: Tracker Bond sold to O.A.P.????

The person that sold the products was employed by First Active at the time, but as they have been taken over by Ulster Bank, it is now their business. Am I right....
 
Re: Tracker Bond sold to O.A.P.????

Yes you are right - they can't pick and choose like that. If they try to do as bond-007 says.
 
Re: Tracker Bond sold to O.A.P.????

Can you tell me what a 'final response letter is', and what one would put in a letter to get one.
 
Re: Tracker Bond sold to O.A.P.?

[broken link removed]

Upon receiving written notification of the complaint from the Bureau and a request for a Final Response from the Complainant, the Provider has 25 working days in which to try to resolve the complaint by its internal complaint procedures. If at the end of the twenty five working days, a resolution has not been attained, a Final Response letter must be issued to the Complainant by the nominated member of senior management. (If the Provider requires more time to review the complaint, for example if it requires the Complainant to undergo a medical examination, the Bureau must be notified of same).
The Final Response letter must:

  • Contain a detailed account of the dispute at hand
  • Address all issues outlined in Complainant’s Complaint Form
  • Quote the applicable loan contract terms/policy conditions/terms of business etc
  • Give details of any redress offered to the Complainant by the Provider
  • State that it is the Final Response of the Provider for the purpose of referring the matter to the Financial Services Ombudsman's Bureau
  • Advise the Complainant that he/she has 15 working days from the date of said Final Response to refer the matter to the Financial Services Ombudsman's Bureau for investigation
Click to expand...

You simply ask UB for a final response letter as part of your written complaint.
 
Re: Tracker Bond sold to O.A.P.?

The faster you get working on this the faster a response will be forthcoming. I have a case with the Ombudsman since last October and still no outcome. Saying that the new Ombudsman is due to commence work very soon and he should plough through the matters swiftly. And from other sources he is no friend of the Banks and vice versa.
 
Re: First Active sold Tracker Bond sold to 70yo now she needs accesss to the money? U

Thanks. Just on the phone telling friend about response. She will get on it immediately. Apparently her mother was told she was putting her money in a higher interest deposit account, and later thought the other amounts were going into the same account, which had instant access should it be required.
 
Re: Tracker Bond sold to O.A.P.????

lyonsie said:
The person that sold the products was employed by First Active at the time, but as they have been taken over by Ulster Bank, it is now their business. Am I right....
Click to expand...

Both Ulster Bank and First Active were/are owned by Royal Bank of Scotland and for a long time both were serviced from the same location but with different phone numbers directing you to the First Active "desk".
 
Re: First Active sold Tracker Bond sold to 70yo now she needs accesss to the money? U

Thanks for that. She is actively working on getting access for her mother to her account. Will keep all posted.
 
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