Farmer loses case over €198,000 drop in investment
A farmer whose €350,000 investment dropped to €152,000, after it failed to perform as expected, has lost an appeal over whether he received financial advice before investing.
The High Court upheld the Financial Ombudsman's finding that Val O'Driscoll's complaints were not substantiated.
He claimed the Ombudsman erred in her findings.
Mr O'Driscoll, Ballinderrig Farm, Ballinderrig, Little Island, Co Cork, invested the €350,000 in the "Broad Street Geared Property Life Fund" managed by Irish Life.
The investment was made through the Mallow Mortgage Company trading as Liam Mullins and Associates. Prior to the investment in January 2007, a meeting took place between Mr O'Driscoll, Liam Mullins and Donal O'Connell of Irish Life.
The fund was invested in a UK commercial property in Broad Street, Bristol, which was leased to a major bank at €1m per year. Irish Life had acquired the property and it was transferred into a unit-base life and pension funds.
It did not perform as anticipated. The Broad Street building was sold in 2013 and Mr O'Driscoll received a return on his investment of €156,621 in May 2015.
He complained to the Ombusdman, who found there was no evidence to show Mallow's representative provided him with any investment advice.