A couple who lost €192,000 on an investment have won their High Court appeal over the dismissal by the Financial Services Ombudsman of their complaint they were mis-sold the product.

Andrew Law (74) and his wife Joanna (68), who live in a house next to Shankill Castle in Shankill, Co Dublin, claimed New Ireland Assurance trading as Bank of Ireland Life, had in 2007 mis-sold them an investment fund into which they put €800,000 from the sale of a Dublin city centre property owned by them.

They said the investment was wholly unsuitable for their needs and did not reflect their express instructions as they were risk-averse. By October 2010, when they cashed in the investment, they had lost €192,000.

After cashing in following the poor performance of the fund, they made a complaint to the ombudsman, who, following an oral hearing, rejected their complaint. They then appealed to the High Court.

In her judgment, Ms Justice Marie Baker said the ombudsman fell into serious error in his reasoning process.