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Mr R held a pension fund exceeding £340,000 and consulted a financial adviser about retirement options. He was advised to invest the full amount and draw income of £20,000 per year.
Seven years in, the fund’s value had decreased beyond the income drawn. Mr R could have used what remained in the investment fund at this point to purchase an annuity. This would have provided him with a guaranteed income of £14,815 each year for the rest of his life. However, the financial adviser persuaded him to remain in the investment.
Two years later, the capital value of the investment had decreased further still. Mr R decided to purchase an annuity due to the continued level of losses being suffered, but by this time, could only afford one that provided income of £10,000 each year. This provided £4,815 less each year than what could have been received had he acted sooner.
We took on his claim and sought compensation for the financial losses he had suffered due to the negligent advice and actions of his financial adviser. We successfully negotiated a settlement, and Mr R received £80,000 compensation.
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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.
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.
Despite asking for safe income, Mr S was pressured into a tech fund that wiped out his savings. The bank ignored his risk profile and charged hidden commissions. We secured over £16,000 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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