Couple settle action against FSO over complaint against First Active

A Co Kildare couple have settled their High Court action against the Financial Services Ombudsman over his decision to reject their complaint over the manner in which an investment product was sold to them by First Active.

The High Court heard that in March 2008 William Sexton (aged 62) and his partner Mary McHugh (aged 62) made a complaint over their €2.5m investment in a First Active product known as a Protected Portfolio Investment Bond. First Active has since been taken over by Ulster Bank.