A HUSBAND and wife who had sold property invested €100,000 in a property fund which then fell sharply in value. At the time of the complaint it was worth just €68,000.
An investigation by the ombudsman found that only the husband had met the bank, and he had signed documents on behalf of his wife when she was not present.
Asked to account for this, the bank said the official involved had left.
In his decision the ombudsman said he was satisfied the husband knew the nature of the investment and that it could fluctuate.
However, in relation to his wife, he said a breach of duty had occurred, and the bank had failed to follow satisfactory procedures to ensure she signed the application form.
He directed that half the original investment be returned to her; with interest this amounted to €52,000.
