Mr & Mrs S from Leicestershire sold business properties to fund their retirement and sought advice from their bank on secure investment options.
They made it clear that they needed a low-risk investment to preserve capital and generate income. They had limited knowledge and understanding of investments, as they had previously used their money to buy property. As a result, they required a low-risk investment option and were completely reliant upon the advice of their bank. Instead, Mr & Mrs S were persuaded to place their property sale proceeds into a managed investment fund, which, in contrast to their needs and preferences, contained a higher level of risk than they wanted to accept.
After six years, the investment delivered only minimal gains. They could have achieved better returns through safer deposit accounts. We initiated court proceedings after the bank denied liability.
They approached us for advice, and we agreed to represent them in a No Win No Fee claim to recover their financial losses. Their bank initially denied all liability, and we therefore pursued the matter through the Court. We were able to negotiate a settlement without a court hearing. Mr & Mrs S received £50,000 in compensation.
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Instead of securing an annuity, Mr W was advised to invest his pension in a high-risk plan. He lost a significant portion of his retirement fund. We helped recover £56,500.
Mrs R’s adviser ignored her low-risk profile and recommended a volatile investment. She suffered significant capital loss but we helped recover £17,000 in compensation.
Mr and Mrs C from Leicestershire asked for a secure investment to fund their retirement. Despite this, they were advised to invest £280,000 into a high-risk bond. When the investment fell in value, we acted on their behalf and successfully recovered £37,500 in compensation.
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You do not need legal representation to make a financial services claim. You can complain yourself at no cost and under FCA rules, the financial services provider must provide a response. If you feel this is unsatisfactory, you can complain to the statutory redress bodies, the FOS and FSCS who can award you compensation. This is a free service.
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