New Ireland

oscarbandit0 said:
I have found out that the increase is just to keep investment inline with inflation!
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Well I would love to know how they work that one out ? Are you investing for Capital Growth or pure inflation tracking ?
 
johnnygman said:
None of this you have been able to refute.
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Now johnnygman, if I have been spouting such a heap of bull, why has the Financial Regulator's office taken a very special interest in the ongoings in this case.
 
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.
 
Just to advise an appeal has been lodged (not by self) against the Ombudsman's determination. As soon as the matter is outside the legal process the full report will be posted.
 
mercman said:
Just to advise an appeal has been lodged (not by self) against the Ombudsman's determination. As soon as the matter is outside the legal process the full report will be posted.
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ok so what was the Ombudsmans findings against New Ireland? They didnt persue the case for you or something?
 
Car Mad said:
ok so what was the Ombudsmans findings against New Ireland? They didnt persue the case for you or something?
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No, I pursued the case and the Ombudsman made a determination which has now been placed under Appeal. I must wait until the matter s brought before the Courts before the findings may be released, if it goes that far.
 
Well the Appeal papers were received on Friday last. The Appeal is against the Ombudsman's determination. They have not and never refuted the matter of extortion; the provision of false figures to display that investments which are held, are better without an allocation bonus; the request not to disinvest until commissions were paid to the Tied Agent. Just another delaying tactic by NI which will cost them tens of 000s just to be heard.
 
Tomorrow, 19th.October the Appeal by New Ireland is due to be heard in the High Court. After this I am free to place the entire on the web to evidence and display the problems of investing in Irish based funds.
 
"are better without an allocation bonus". Sorry Mercman but I was wondering if you could explain this term to me. I have a copy of a memorandum from New Ireland writen in the hand writing of agent and it states 2% investment bonus Negotiated on behalf of clients. My Agent is employed by NI. Do you know what this means? I am sorry to waste your time but I have no idea what this means. I only recently got copy of this.
 
I'm really frightened by this thread - don't know the original query or complaint, but they have had my pension for the past 20 years and I'm about to cash it in (bit of lump payment, rest in monthly payments of under €200) and I'm kind of waiting for it, depending on it, need it etc. etc. They verbally told me the pension was mainly in cash in the recent past, so hopefully I haven't lost too much of the sums I paid in - but, by God, I need this, so let me know if anybody is having a problem with the pension from New Ireland (pension was based on a Director's fund).
 
Barbie Doll, An allocation bonus is an Investment Bonus of a percentage based on the original investment. i.e if you invested €10000 in the Japanese Fund of €1 per unit. Then with the Investment Bonus you should receive 10200 units. (without the Bonus you would have received 10000 units. If you have your offer in writing it should have stood. Check did you receive the Bonus and if not write to the Co explaining the circumstance, copy the papers and if they decline ask them for a letter of Final Response and then send to the Ombudsman. Keep sending the questions and I will keep answering them. My problem is nearly 4 years old and we still can't get to the bottom of it.
 
Eithneangela whats the name of the investment. Mercman has been extremly helpful to me and I hope he wins his case. Is there any word on that yet. With the investment you have Eithneangela is this the first time you have been asked to pay an increase to keep in line with inflation.
 
barbie, i won the battle but lost the war, if you know what I mean. Ombudsman found completely in my favour but did not refund the investment, just with NI but never to be charged a Management Fee on these Policies. There is a massive issue concerning Trust which the Ombudsman identified, and still NI still carry on as if nothing happened, even though they did try and cheat me out of tens of thousands.(€50k so far)

And just in case the Mods interfere with that comment, I can prove the lot in writing and intend doing so in a few weeks.
 
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mercman, sorry you didnt get everything you wanted. I would be very interested to read what ever your working on. I asked New Ireland for an historical reduction in yield I was asked "what's that". This is an odd reply given the fact that they send out projected reduction in yield reports.

Just one other thing a friend of mine arrived at my home tonight and had a Terms of Business card from New Ireland and it said

"The Company may at its absolute discretion record all or certain telephone conversations including those held between a client and/ or their agent and the Company".

My Agent calls to my home.........does that mean he could record our conversation or does it mean that when I call my Agent on his mobile he can record our conversation. I merely ask this as I am requesting information under the Data Protection Act and if this has happened then I should request these recordings as well. I think it means only phone calls.
 
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Am unable to comment n the actions of their agents on the Road but all calls to their offices are recorded. It is vital to get everything on any Financial Product you invest in to get everything in writing.

Bottom Line -- I only ever took out 5 Investment Policies with New Ireland / Bank of Ireland Life and significant problems with each one.

A PARCEL OF CROOKS
 
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