Bank of Ireland - Evergreen fund

ixus · 26-07-2009 10:33AM

Daragh101 wrote: »

could be worse mate!!!!!!!

Daragh101 wrote: »

no one seems to now anything.........qualified me hole!

A sterling contribution to the thread Darragh :rolleyes:

If you have nothing constructive to add, don't post.

And, don't reply here to this post, take it to PM or helpdesk if you have an issue.

Pedants corner: it's know.

johndaman66 · 09-08-2009 01:00PM

Just to let ye know folks based on my own valuations which I request from BOI on a mothly basis I calculate that evergreen fund has gained almost 7% from 10th of July to the 6th of August. You may well argue this is nothin compared to what it lost and that would be a fair enough assessment. However a 7 odd percent gain in less than a month looks to be pretty healthy to me. Hopefully it is a sign of better things to come. I for one would be a happy boy if it continued to make even half such gains for the next while

johndaman66 · 06-12-2009 12:25AM

How do ye feel after getting yer annual statements in October folks. I am somewhat cautioustly optomistic on the ground the Fund is making up over the last few months. I was in BOI yesterday to talk to BOI Life representative and arrange for my monthly contributions to be stopped. He rang main Dublin branch to arrange for my contributions to be stopped, said he was going to pass the phone to me and Colm at the other end would ask me a couple of verification questions before he would carry out the request. A somewhat jolly sounding chap came on the phone asking me what kind of a day it was in Limerick and I said cool enough Colm. Then he said you can pass me back over to John so please John. I was there...do you want to ask me a few verification questions Colm. He said oh yeah, and asked me my date of birth and address. I thought it was all a bit sloppy.

Howsever, enough rabbiting on. When I was in there the BOI Life rep told me he reckons the Evergreen Fund is not right for me and suggested I consider redeeming out and subscribe to the Balanced Managed Fund as it has higher growth potential due to having a higher equity content than the Evergreen Fund and the outlook for the world economies is really super following on from the recession which is now clearly in the past etc. I took a copy of the prospectus and said I'd mull it over in my mind but won't make a decision at the moment.

Was thinking to myself after would this be kind of silly as I'd immediately realise a loss if I redeemed out of the the Evergreen Fund but any gains I would make in the Balanced Managed Fund would be subject to DIRT tax. In essence I could make a gains in Evergreen to bring me back up as far as what I contributed without having to pay exit tax. But any gains I make in the Balanced managed Fund would immediately me subject to DIRT tax (assuming I don't make a loss in it first). I would imagine that the Balanced Managed Fund would need to seriously outperform the Evergren Fund to justify me making the change So given that the content of the Balanced Managed Fund is somewhat different to Evergreen Fund but not absolutely dramatically different this would appear to be poor advice to me. Is it just the commission from selling the product to me that had this guy so excited I'm thinking? Perhaps I'm incorrect in the assumptions I make above as I am by no means an expert but just want to tip people of to this sort of thing if I am correct.

Sorry if post is somewhat longwinded. Just want to share my experiences with people who are in a similar situation to me. For the moment I am going to leave the money sit there and monitor how it is performing on a monthly basis. The only reason I continued my contributions up until now was to ensure I got my loyalty bonus on the third aniversary of my subscription to the Fund (which was by no means massive). Otherwise I would have ceased contributing earlier on in the year.

Jayminator · 06-12-2009 04:58PM

johndaman66 wrote: »

How do ye feel after getting yer annual statements in October folks. I am somewhat cautioustly optomistic on the ground the Fund is making up over the last few months. I was in BOI yesterday to talk to BOI Life representative and arrange for my monthly contributions to be stopped. He rang main Dublin branch to arrange for my contributions to be stopped, said he was going to pass the phone to me and Colm at the other end would ask me a couple of verification questions before he would carry out the request. A somewhat jolly sounding chap came on the phone asking me what kind of a day it was in Limerick and I said cool enough Colm. Then he said you can pass me back over to John so please John. I was there...do you want to ask me a few verification questions Colm. He said oh yeah, and asked me my date of birth and address. I thought it was all a bit sloppy.

Howsever, enough rabbiting on. When I was in there the BOI Life rep told me he reckons the Evergreen Fund is not right for me and suggested I consider redeeming out and subscribe to the Balanced Managed Fund as it has higher growth potential due to having a higher equity content than the Evergreen Fund and the outlook for the world economies is really super following on from the recession which is now clearly in the past etc. I took a copy of the prospectus and said I'd mull it over in my mind but won't make a decision at the moment.

Was thinking to myself after would this be kind of silly as I'd immediately realise a loss if I redeemed out of the the Evergreen Fund but any gains I would make in the Balanced Managed Fund would be subject to DIRT tax. In essence I could make a gains in Evergreen to bring me back up as far as what I contributed without having to pay exit tax. But any gains I make in the Balanced managed Fund would immediately me subject to DIRT tax (assuming I don't make a loss in it first). I would imagine that the Balanced Managed Fund would need to seriously outperform the Evergren Fund to justify me making the change So given that the content of the Balanced Managed Fund is somewhat different to Evergreen Fund but not absolutely dramatically different this would appear to be poor advice to me. Is it just the commission from selling the product to me that had this guy so excited I'm thinking? Perhaps I'm incorrect in the assumptions I make above as I am by no means an expert but just want to tip people of to this sort of thing if I am correct.

Sorry if post is somewhat longwinded. Just want to share my experiences with people who are in a similar situation to me. For the moment I am going to leave the money sit there and monitor how it is performing on a monthly basis. The only reason I continued my contributions up until now was to ensure I got my loyalty bonus on the third aniversary of my subscription to the Fund (which was by no means massive). Otherwise I would have ceased contributing earlier on in the year.

Without having much info on the charging structure of the new fund he has recommended I would suggest you are being raped again here. Ask him is he proposing just a fund switch or is he suggesting an entirely new product.

If its just a fund switch then there should be no charge. You should be allowed 2 free switches a year and any subsequent switches usually incur a €25 admin fee.

If its a new product then he is just concerned about earning some commission from you. Absolutely no reason why you would need a new product as this balanced fund should be available within the portfolio of managed funds available from the bank.

No real point in switching either. Both type of funds seem to be very similar in their make up. A balanced fund typically has a 50% equity holding with the balance of monies invested in lower risk fixed interest / bond type investments. I personally dont see any merit in moving your money as your current fund choice is on the way up again and has been since March 2009. If you move now you may miss out on further fund growth.

This link should give you the make up of a normal balanced fund so please make sure this time that if you are going to move its the right type of fund for your investor profile. AND BEWARE OF NEW CHARGES

http://canadalife.moneymate.com/Details.aspx?site=corporate&country=IE&id=25000244

Hope this helps.

Jay

johndaman66 · 12-12-2009 11:37PM

Thanks for advice Jay. You pretty much confirmed my over-riding suspicion. Being honest a one off €25 admin fee for moving to a much better performing Fund (if such was the case) wouldn't bother me too much given the amount of money I have invested. However, and as you point out there is a high probability that this guy is advising me based on what is good for him opposed to having my interests at heart. As I point out though what would bother me even moreso is the fact that more than likely I would be realizing my loss when I exit the Fund and could not carry forward any losses to offset against gains in the new Fund when DIRT tax is to be calculated...at least this is what I think would be the case. This would mean the new Balanced Managed Fund would need to be dramatically outperforming the Evergreen Fund in order for the move to make any sense. Being honest I haven't went into the branch to discuss this option any further (not too easy to do these sort of things when you work 9 to 5 in any event) but not exactly too pushed either. Will be more inclined to leave my money sit in Evergreen Fund and continue to monitor its performance closely.

For the most part just want to put my thoughts out to other posters on the potential pitfalls of moving Fund at a whim in these challenging times. Thanks again for advice Jay. Appreciated

35x · 15-05-2010 03:32PM

Another victim of Evergreen....changed to Balanced Managed Fund on advice of BoI adviser when I was going to pull out altoghether from Evergreen. Any recent developments?

PS I recently "won" e800,000 in Spanish Lottery!!!!!...would it be safer than above Funds? !!!!!!!

johndaman66 · 15-05-2010 09:01PM

35x wrote: »

Another victim of Evergreen....changed to Balanced Managed Fund on advice of BoI adviser when I was going to pull out altoghether from Evergreen. Any recent developments?

PS I recently "won" e800,000 in Spanish Lottery!!!!!...would it be safer than above Funds? !!!!!!!

Hi 35x I am not fully sure which or whether you are in the same Fund structure as me at the moment but I am in Evergreen Balanced Managed Fund (not the guaranteed fund). Over the past few months the Fund seemed to be gaining considerable ground - slowly but surely. At the start of May it was down on the previous month slightly but these flucuations are no doubt to be expected given the times were in. Think one of the biggest thorns in the side of this Fund is the weakness of sterling as I believe much of its property portfolio is UK rental property. However sterling has gained some ground to the euro over the last few weeks or rather the euro has weakened so this may help to bump up the unit price.

I would be somewhat apprehensive about switching from one Fund to another for the reason mentioned previously but if you have already done so suppose there's no turning back the clock now.

Hey that 800k will surely ease your financial worries for a while though!

GeorgeH · 19-05-2010 09:43AM

Fair to say Evergreen seems to have gone through no worse than most other balanced managed funds in recent times? Maybe a bit over-exposed to Irish commerical property at the worst time? But sure wouldn't all be wonderful if we had heeded what is now the obvious? One could switch funds only to find it performs worse than Evergreen now that investment markets are improving? Who knows for sure? :-)

pavb2 · 19-05-2010 11:14AM

In a similar position as others took out pension with Irish Life in 2006 down about 55% as money was invested totally in Irish Property Fund they don't allow you to transfer out for 6 months.

Like others I used to check on line every month but now don't.

I'm still undecided as to transfer into a better performing pension or just leave for 10 - 20 years hoping at least I might break even, any advice or thoughts.

johndaman66 · 20-05-2010 09:24PM

pavb2 wrote: »

I'm still undecided as to transfer into a better performing pension or just leave for 10 - 20 years hoping at least I might break even, any advice or thoughts.

Not trying to be smart or anything but I think you may be best to seek some independent financial advice from someone who is in no way affiliated with any particular investment house. If they are trying to push Irish Life products exclusively for example alarm bells should be ringing. While there are no doubt some insightful thoughts on boards I feel a lot of the time that people on it are too opinionated to provide a balanced and objective point of view. Just my thoughts. When you say break even though I am wondering what you mean by break even. Do bear in mind that if you come out with euro for euro initially invested in 10 - 20 years time you won't have broken even as you also need to consider inflation will have eroded the value of your money in the ensuing period.

xw2lj9uspm1eyh · 21-05-2010 12:38PM

Wow can't believe people are still contributing to this thread a year and a half after I making it

.Well I have an update the people that told me to stick with it were right.Gone from a €6,500 loss to around €2,500 loss while it still isn't ideal I'm much happier now with it after all that's happened this year thought it be alot worse

.I still have 2 years on it before I can cash it in without getting caught with penalties so fingers crossed I can pull even

.

pavb2 · 21-05-2010 04:07PM

Thanks for reply to be specific my pension is a directors pension so what I am down now (my real loss if you will) is about 7% less than if I had taken money out of the business and paid 48%? tax. So one could argue that what is eroded by inflation will be offset to a degree by the tax break.

My problem with my pensions & you are correct is that the 2 previous "independant" brokers had vested interests with Irish Life unfortunately the damage was done (all funds invested in Irish Life,Irish Property Fund) before I wised up, in fairness I got some good advice on here which was to diversify investements.

I've now done this & set up a more suitable scheme with Zurich it's just a question of whether I take the hit on the Irish Life pension & transfer or leave it where it is.

Either way I won't take out another scheme with Irish Life I know it's buyer beware but I ended up paying more fees and charges than perhaps I should and as said on here "Diversify".

Thanks for advice

IrishEllie · 08-03-2011 03:55PM

Recently my family have been helping my parents get their financial affairs in order, my mother did the SSIA scheme and when it was finished she was sent a letter from BOI asking to come and talk to Investments manager which she did. She was 65 at this point and working part time as a cleaner, from which she retired the following year with her life savings from SSIA of 12k euro the BOI investment manager told her the Ever Green fund was low risk and best of any investment to get a return on capital. He did not offer any other investment alternative so Mum signed up to it, obviously with the current economic crisis the fund lost money.
What I would like to know is how could a financial advisor advise a pensioner of 65 that this investment, which after looking into myself is a medium to high risk investment with her life savings?????????????????
This is absolutely disgraceful that he did not advise that she should do a savings plan or a investment that did not pose risk to her capital, she lost 3000K. She pulled out of the plan last year. I have made an appointment to see Financial advisor in BOI and get some answers on the negligence of their staff and taking advantage of OAPS.

infamous · 08-03-2011 04:59PM

IrishEllie wrote: »

Recently my family have been helping my parents get their financial affairs in order, my mother did the SSIA scheme and when it was finished she was sent a letter from BOI asking to come and talk to Investments manager which she did. She was 65 at this point and working part time as a cleaner, from which she retired the following year with her life savings from SSIA of 12k euro the BOI investment manager told her the Ever Green fund was low risk and best of any investment to get a return on capital. He did not offer any other investment alternative so Mum signed up to it, obviously with the current economic crisis the fund lost money.
What I would like to know is how could a financial advisor advise a pensioner of 65 that this investment, which after looking into myself is a medium to high risk investment with her life savings?????????????????
This is absolutely disgraceful that he did not advise that she should do a savings plan or a investment that did not pose risk to her capital, she lost 3000K. She pulled out of the plan last year. I have made an appointment to see Financial advisor in BOI and get some answers on the negligence of their staff and taking advantage of OAPS.

One of the main problems over the last number of years was people getting involved in investments that they did not understand. People cannot pawn off their own ignorance on the financial institutes that sold them the various investments. Even the term financial advisor is indicative of their role, they give financial advice but ultimatly it is up to the investor to make the final financial decision. All investments carry a warning regarding risks I would have no sympathy for investors who are burned and then comeback with the sure I didnt know attitude. You are responsible for all your own investments.

soddy1979 · 08-03-2011 05:39PM

infamous wrote: »

One of the main problems over the last number of years was people getting involved in investments that they did not understand. People cannot pawn off their own ignorance on the financial institutes that sold them the various investments. Even the term financial advisor is indicative of their role, they give financial advice but ultimatly it is up to the investor to make the final financial decision. All investments carry a warning regarding risks I would have no sympathy for investors who are burned and then comeback with the sure I didnt know attitude. You are responsible for all your own investments.

That's not exactly true; the financial advisor is in a position of trust and a position of knowledge. You pay a financial advisor a fee (be it flat or a commission rebate from the provider) to make the right decision for you. If they make the wrong decision, you should have recourse.

I'm not saying a wrong decision is an investment that goes belly up - that can happen with anything. However, if you recommend a clearly unsuitable product to somebody for the sake of getting a commission; I think that's extremely unethical and is possibly grounds for legal action.

What you are saying above is like saying go to a doctor/lawyer/accountant/etc. - take their advice and if it's wrong, it's your problem.

irishh_bob · 08-03-2011 08:17PM

IrishEllie wrote: »

Recently my family have been helping my parents get their financial affairs in order, my mother did the SSIA scheme and when it was finished she was sent a letter from BOI asking to come and talk to Investments manager which she did. She was 65 at this point and working part time as a cleaner, from which she retired the following year with her life savings from SSIA of 12k euro the BOI investment manager told her the Ever Green fund was low risk and best of any investment to get a return on capital. He did not offer any other investment alternative so Mum signed up to it, obviously with the current economic crisis the fund lost money.
What I would like to know is how could a financial advisor advise a pensioner of 65 that this investment, which after looking into myself is a medium to high risk investment with her life savings?????????????????
This is absolutely disgraceful that he did not advise that she should do a savings plan or a investment that did not pose risk to her capital, she lost 3000K. She pulled out of the plan last year. I have made an appointment to see Financial advisor in BOI and get some answers on the negligence of their staff and taking advantage of OAPS.

the majority of investment funds that banks sell dont make any money , thier nothing more than vechiles for banks to extract money out of trusting clients , sadly , thier will be no come back here

johndaman66 · 08-03-2011 08:55PM

soddy1979 wrote: »

If they make the wrong decision, you should have recourse.

On this particular point I'm not sure I agree with you. When I invested in the Evergreen Fund I did so on the basis that it made a good return over the last number of years at the time. Throughout the process I was made fully aware that there was a risk associated with my capital investment in the form of Warning: The value of your investment may go down as well as up.

While I do thoroughly sympathise with people such as IrishEllie's mother I don't believe they should automatically have recourse avenue available to them because of their own personal circumstances because in that case where do you draw the line. Take my own personal situation for example. I've lost considerably more than IrishEllie's mother. However, I am young and single without children or any other committments, with no immediate need to encash and have other savings. In that sense its water of a ducks back in a way, I've learned the lesson once bitten twice shy. However, If I had married in the meantime, had kids, bought a house and lost my job chances are I'd probably need the money and more. Would I automatically be entitled to recourse then? My over-riding point is where do you draw the line? You might argue that the situation is different for an older person but what if the older person is quite wealthy in the first place, where do you draw the line in this regard

mono627 · 08-03-2011 09:34PM

johndaman66 wrote: »

On this particular point I'm not sure I agree with you. When I invested in the Evergreen Fund I did so on the basis that it made a good return over the last number of years at the time. Throughout the process I was made fully aware that there was a risk associated with my capital investment in the form of Warning: The value of your investment may go down as well as up.

While I do thoroughly sympathise with people such as IrishEllie's mother I don't believe they should automatically have recourse avenue available to them because of their own personal circumstances because in that case where do you draw the line. Take my own personal situation for example. I've lost considerably more than IrishEllie's mother. However, I am young and single without children or any other committments, with no immediate need to encash and have other savings. In that sense its water of a ducks back in a way, I've learned the lesson once bitten twice shy. However, If I had married in the meantime, had kids, bought a house and lost my job chances are I'd probably need the money and more. Would I automatically be entitled to recourse then? My over-riding point is where do you draw the line? You might argue that the situation is different for an older person but what if the older person is quite wealthy in the first place, where do you draw the line in this regard

I personally wouldn't rule out recourse in this particular case if what has been said up to now is true: Old lady encouraged to put life savings into high risk fund.

johndaman66 the line here is the fact that it is an old lady with her life savings looking for a low risk investment, she should have never been advised towards any sort of risky fund unless she made it specifically clear that she was investing discretionary income.

One of the first things a financial advisor will learn is that as you get nearer retirement age your exposure to risky assets should decrease and to advise anything other than this is negligence.

I completely agree that in a normal situation you would just be told 'tough' or 'caveat emptor', but I would argue that this is not a normal situation.

Thargor · 08-03-2011 10:59PM

The one my parents gave me a few years ago right at the peak is recoverig but still down 25%, its recovery seems to have stalled recently, Im giving it another 6 months then Im cashing it.

You know you can value the fund yourself whenever you want dont you? Find the fund at this link and click on the Euro symbol beside it, fill in how many units you have (says it on the contract/receipt thing) and it'll value it for you. Click on your fund aswell and you'll get this summary sheet that updates once a month:

http://fundcentre.bankofirelandlife.ie/Factsheet.aspx?FundId=548&CountryId=N0

Jayminato · 08-03-2011 11:08PM

mono627 wrote: »

I personally wouldn't rule out recourse in this particular case if what has been said up to now is true: Old lady encouraged to put life savings into high risk fund.

johndaman66 the line here is the fact that it is an old lady with her life savings looking for a low risk investment, she should have never been advised towards any sort of risky fund unless she made it specifically clear that she was investing discretionary income.

One of the first things a financial advisor will learn is that as you get nearer retirement age your exposure to risky assets should decrease and to advise anything other than this is negligence.

I completely agree that in a normal situation you would just be told 'tough' or 'caveat emptor', but I would argue that this is not a normal situation.

There was a case recently in front of the ombudsman where an elderly lady took a case against a well known investment / pension company because the value of her property fund investment had dropped by 45%. Signed documentation was produced which was signed by the client confirming she was fully aware and accepting of the risks.

She lost her case.

I fully agree that all investments must suit the investment profile of the particular client but for every elderly client that I deal with who are completely adverse to risk I also have an elderely client who is happy to take a risk.
The real issue is what % of clients overall available wealth should be exposed to risk and this is a decision that lies with the client provided they are made fully aware of all risks associated with a recommended product.

There is legislation in place where ''vulnerable clients'' (aged over 60) are presented with the option of having a third party present for any sales presentation and any paperwork associated with an investment sale to a vulnerable client must clearly state the client was given this option. The client must sign this off. There have been huge strides made to protect the vulnerable investor but probably a little late if ya ask me.

The advisor however also has a moral obligation when providing advice and this is where the process breaks down. It is on this basis that I feel some clients should have recourse to the product provider.

Quatre Mains · 08-03-2011 11:21PM

Hi folks

this thread caught my eye as I know my own father has funds in Evergreen.

I do agreee with previous posters who say that any legal recourse against BOI or other providers for bad investment advice is likely to fail. I have a suggestion that I believe should be included by law on all such fund contracts - a bold box stating the specific risk classification (high / med / low / secure) of the fund, which requires the signature of both the QFA / investment manager etc and the customer. This would give the customer a written upfront warning as to the risk involved, instead of just taking someone's (unprovable in court) word for it.

mono627 · 08-03-2011 11:52PM

Jayminato wrote: »

There was a case recently in front of the ombudsman where an elderly lady took a case against a well known investment / pension company because the value of her property fund investment had dropped by 45%. Signed documentation was produced which was signed by the client confirming she was fully aware and accepting of the risks.

She lost her case.

Didn't realise there was precedence.

:eek: It's an absolute disgrace tbh. Serious moral and ethical issues completely ignored!

homer911 · 09-03-2011 10:04AM

It will be interesting to see how the Solid World Bond cases (400+) against ACC Bank progress and if this has an bearing on investors in the BOI Evergreen fund

http://examiner.ie/business/more-than-400-investors-sue-acc-for-failure-to-deliver-any-return-147509.html

Jayminato · 09-03-2011 01:15PM

mono627 wrote: »

Didn't realise there was precedence.

:eek: It's an absolute disgrace tbh. Serious moral and ethical issues completely ignored!

No Mono in this instance the elderely client was fully aware and happy with the risk but just got pissed off with the loss in value and decided she would chance her arm and take a case.

My point is primarily that although age is a factor there are still elderly clients who are prepared to take risks

IrishEllie · 17-03-2011 01:33AM

Infamous my friend, your opinion sounds like a someone involved in financial services, the "you signed it, its your own fault" attitude is just a cop out for greedy financial sales reps!! Why do u think we are in the middle of recession????? I am sure the bonus' were large for signing innocent trusting people up to this particular investment!
I think you will find that a lot of people on this thread signed up to a product that was " MIS SOLD" to them! In particular reference to my mums circumstances, in the paper work there is a clause stating
if product is not deemed suitable by BOI Life for the consumer, then in by signing your name means ur attitude to risk is revised to what ever fund choice you make!!!! I mean hello? Have you ever heard the like?
The clause above states after a FULL FINANCIAL review with an Investment Manager, where VARIOUS products have been offered from capital secured investments to geared investments, this product is deemed suitable for you. I know for a fact that no FULL financial review was done, no other products were offered and the evergreen was deemed the best investment for a vulnerable 65 year cleaning pensioner with her life savings of 12k who wants to keep her money safe but earn a little if she can, who places her trust in her local bank and its staff??????? Theres nothing quite like the morals of a sales rep!
P.s To anyone interested! I have lodged complaint with BOI Life for mis conduct of Investment Manager, have all records of documents signed and notes taken on my mums circumstances, which are sketchy to say the least!!
Meant to say after 2 letters and 2 phonecalls from local branch mum went into the meeting with the investment manager and asked what she would do with her matured SSIA, she said i dont know what do u think is the best for me? Explained her circumstances, recommended to do Evergreen ONLY and totally trusted she was getting good advice!!!

IrishEllie · 17-03-2011 01:49AM

Johnnycabs wrote: »

Hi folks

this thread caught my eye as I know my own father has funds in Evergreen.

I do agreee with previous posters who say that any legal recourse against BOI or other providers for bad investment advice is likely to fail. I have a suggestion that I believe should be included by law on all such fund contracts - a bold box stating the specific risk classification (high / med / low / secure) of the fund, which requires the signature of both the QFA / investment manager etc and the customer. This would give the customer a written upfront warning as to the risk involved, instead of just taking someone's (unprovable in court) word for it.

Hi Johnny, technically in any paperwork for investments, it must include a risk profile with all details of applicant, in my mothers case, very sketchy info recorded by financial advisor, no ref to the fact my mum is pensioner, retiring the following year, only will have state pension etc, and this was her life savings. My mum genuinely trusted this person, didnt understand much about the investment, only that it was recommended as the best one.

IrishEllie · 19-03-2011 12:19AM

mono627 wrote: »

I personally wouldn't rule out recourse in this particular case if what has been said up to now is true: Old lady encouraged to put life savings into high risk fund.

johndaman66 the line here is the fact that it is an old lady with her life savings looking for a low risk investment, she should have never been advised towards any sort of risky fund unless she made it specifically clear that she was investing discretionary income.

One of the first things a financial advisor will learn is that as you get nearer retirement age your exposure to risky assets should decrease and to advise anything other than this is negligence.

I completely agree that in a normal situation you would just be told 'tough' or 'caveat emptor', but I would argue that this is not a normal situation.

Hi all just an update 24 hours after lodging complaint with BOI Ireland over the phone got a letter that says your mum signed it -so tough!
I requested the Full financial review and also received this with other paperwork, something v.fishy, info on the financial review is wrong.
Says my mum doesnt smoke, she does, says she plans to retire at 65, was in actual fact 66 when she signed these documents and retiring 2 yrs later, says she doesnt own her house, she does ex- council, no savings in credit union, she does albeit not half as much as she put in this fund , no loans which she had, small one in credit union but still, no life assurance, she has and pays from her boi bank a/c!Also does her occupation offer a pension, they did, also asked are u part of it or do u plan to be? it said yes on form, mum wasnt in pension scheme nor at the age of 66 was eligible to join
When i asked mum these questions, she said she wasnt asked anything apart from what she earned between her pension and her part time cleaning wages! Me thinks this info was inputted after she left to cover advisors arse! I know my poor mum would have answered these questions when asked so why is all this info wrong? Fishy Fishy guys!!!
Am referring to Financial Ombudsman

Thargor · 19-03-2011 12:27AM

Keep on posting updates so please IrishEllie.

mono627 · 19-03-2011 10:59AM

Thargor wrote: »

Keep on posting updates so please IrishEllie.

+1

Interested to know how this plays out!

IrishEllie · 19-03-2011 09:40PM

mono627 wrote: »

+1

Interested to know how this plays out!

Absolutely Mono, Its funny requested all docs on Monday from Head Office, got all of them tuesday apparantly, rang to complaint tues afternoon and also to request financial review which wasnt included in paperwork received! Got the letter Friday and financial review details letter dated 16th march, which said we are satisfied that everything was done above board, then how come i didnt get financial review on tues?
And again as i said before details were inaccurate!!
Im NOT letting this drop guys!

Bank of Ireland - Evergreen fund

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