Cannot get my money until I sign a disclaimer

H

hangingon

Guest
I invested €55k in 2007. As it was my first ever investment I tracked it like a child and was aware of the value of the funds almost daily. I decided to cash in earlier this year with an approximate loss of 13k and they sent me out the relevant forms where the total value of my funds were quoted. They did not tally with mine and I proved that they were wrong. They apologised in writing. Two months later when finally cashing in they sent me the final transaction from their fund to my bank account. Again they were wrong, this time in another area and after many heated telephone conversations they agreed that they had under calculated the sum by €500.00. Once again they apologised in writing but at the same time also sent me out a waiver form which stated that they would only release the balance of €500.00 due to me if I wavered my right to pursue any legal action at a further date. I rang them and they confirmed that this was the case. I told them that I would not be signing anything and that the €500.00 was my money and that I had the right to claim it unconditionally.
Can they do this?
 
Sounds like you have a case for the ombudsman. If it were me I would refuse to sign the waiver.
 
They can try, and you can resist, and this suggests there may be other issues you're not yet aware of.

If an expert trawled the account and their investments he could find something else.

Given their position, and if you can afford it, I'd be tempted to investigate further.

Sign nothing.
 
I have not signed it and I have no intention of doing it. I just find it incredible that they would try to do this. Has anyone else experienced anything similar. They are a well known fund management company.
 
I have the experince of my mother cashing in shares and it took them weeks and a lot of hassle to give her the money. Nothing about what financial institutions do would surprise me.
 
Hi hangingon

I have come across this on a few occasions. I see nothing wrong with thisif there is a dispute and they are offering you a sum of money in full and final settlement of your claim. This is common across all industries.

If your case is as you describe it, i.e. there is no dispute, then they should simply release the money due to you.

From a practical point of view...

You are getting what you are claiming in full. Therefore you won't be taking legal action. So you can sign it and get the money.

From a principled point of view...

I would consider this to be "maladministration". You should make a formal complaint to the Financial Services Ombudsman seeking the €500 and compensation for maladministration. He will award you something nominal e.g. €100.

I think you should also refer this to the Financial Regulator. They may well investigate this as it's sharp practice.

Brendan
 
Hi Hangingon

On reflection, you can be both practical and principled.

Sign the form and collect the money.

Then refer them to the Financial Regulator.

Brendan
 
You must log in or register to reply here.
Back
Top