D
Dazed
Guest
Hi all,
Back in January 2008 I invested in Evergreen and Inovator fund with Bank of Ireland. €5,000 and €10,000 respecively. At the time I noticed some inconsistencies in the paper work that the Inovator fund was title as Ethical Equity but I was reasured by my financial advisor that this was just a global title for Active Growth Funds. I signed the paper work on her advise, she seems like a nice girl.
In April I applied for online access to my funds to observe how dismally they were performing! However it was then I new something was surely a miss as the unit value of my "Ethical Equity" was not the same as the Inovator fund advertised on the same site.
I went back to my financial advisor who recognised her error and said she would switch the funds for me. In April 2008 my funds were switched to Inovator.
10 months down the line I have lost over €5,000, needless to say I am none too impressed but I realise that is the name of the game, and that I am not the only one. However like any young person having lost a good chunk of their life savings I decided to look back through my paper work with regard the errors made in the launch of my fund.
The following came out of looking at the paper work from the fund switch back in April. Bank of Ireland, though the error of investing in the wrong fund was theirs in the first place, have not only charged me administration fees to switch to the Inovator fund, they have also made me take the hit from the decline of the original investment in the Ethical Equity fund.
It's bad enough loosing €5,000 in 10 months with out the bank who made a mistake in the first place creaming off my money to correct it. Do I have a case to complain and ask for some if not all of my intitial investment back?
Any advise much appreciated.
Back in January 2008 I invested in Evergreen and Inovator fund with Bank of Ireland. €5,000 and €10,000 respecively. At the time I noticed some inconsistencies in the paper work that the Inovator fund was title as Ethical Equity but I was reasured by my financial advisor that this was just a global title for Active Growth Funds. I signed the paper work on her advise, she seems like a nice girl.
In April I applied for online access to my funds to observe how dismally they were performing! However it was then I new something was surely a miss as the unit value of my "Ethical Equity" was not the same as the Inovator fund advertised on the same site.
I went back to my financial advisor who recognised her error and said she would switch the funds for me. In April 2008 my funds were switched to Inovator.
10 months down the line I have lost over €5,000, needless to say I am none too impressed but I realise that is the name of the game, and that I am not the only one. However like any young person having lost a good chunk of their life savings I decided to look back through my paper work with regard the errors made in the launch of my fund.
The following came out of looking at the paper work from the fund switch back in April. Bank of Ireland, though the error of investing in the wrong fund was theirs in the first place, have not only charged me administration fees to switch to the Inovator fund, they have also made me take the hit from the decline of the original investment in the Ethical Equity fund.
It's bad enough loosing €5,000 in 10 months with out the bank who made a mistake in the first place creaming off my money to correct it. Do I have a case to complain and ask for some if not all of my intitial investment back?
Any advise much appreciated.