Dáil Éireann Debate, Tuesday - 11 November 2014
222. Deputy Thomas P. Broughan asked the Minister for Finance if his Department or the Central Bank of Ireland investigated the actions of a bank in its promotion and sale of investments to customers (details supplied) in 2007 and 2008 which were allegedly mis-sold to some investors and resulted in significant losses for a number of investors. [43309/14]
View answerThe Central Bank is the relevant authority for such a matter and has provided me with the following response.
There is insufficient information provided to give an informed response. However from the very limited reference to the product, we understand that the product was aimed at experienced investors seeking growth as the product invested in the stock market and investors also had the option of a geared version of the product. No issues have been brought to the Central Bank's attention regarding the sale of this fund.
If a consumer is unsatisfied with the sale of this product to them, or the advice they received, they should consider making a formal complaint to the bank concerned or the entity which the product was purchased from. Further, if consumers (as defined under FSO legislation) are unsatisfied with the outcome of a complaint they may have the opportunity to register their complaint with the Financial Service Ombudsman for adjudication. If more information is brought to the attention of the Central Bank, then the subject can be examined further.
