Mr W had a pension fund of almost £145,000 and required a secure investment that would provide a regular income during his retirement. He had a cautious attitude towards financial dealings and did not want to place his money at risk.
He had been considering taking a tax-free lump sum from his pension and using the remainder to purchase an annuity. This would have provided him with a guaranteed income of almost £8,500 per year.
A financial adviser persuaded him to place the full amount of the pension fund into an investment plan instead. Mr W was not made aware that his capital was placed at risk by doing this.
Within 5 years, the investment fell by almost £48,000, reducing his retirement income.
We helped Mr W pursue compensation and successfully recovered £56,500, including capital and interest losses.
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Mr R had a pension fund worth over £340,000 and was advised to invest it in a plan drawing £20,000 annually. The investment's value declined, and delayed annuity purchase led to reduced income. We secured £80,000 in compensation for him.
Mr & Mrs S sold business properties to fund their retirement and sought low-risk investment options. Their bank advised them to invest in a high-risk managed fund, resulting in minimal returns. We secured £50,000 in compensation for them.
After selling their home, retired couple Mr and Mrs L invested £95,000 into bank-recommended funds meant to safeguard their future. The high-risk nature of the investment caused a loss of over £40,000. We acted on their behalf and recovered £47,000 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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