Irish Financial Services Ombudsman awards €250,000 to ex-farming couple whose €2m investment fell to €1.6m
Dec 1st, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Irish Financial Services Ombudsman said today his office received 7,150 complaints by the end of November this year - - an increase of 34% on the same period last year. Joe Meade said his awards included one of €250,000 - - the maximum compensation he can award - - to a couple who retired from farming in their mid-60s and sold land for €3m. After an approach from their bank, they invested €2m in two bonds which they understood were capital guaranteed, but became concerned when the value of the bonds fell to €1.6m.