Mis-sold or mis-managed investment or pension?

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I was impressed how quickly my claim was dealt with especially when I heard many claims take 2-3 years. Mr Gwyther

Have you suffered losses because of a mis-sold investment or pension?

You can claim back your losses on an Investment Fund, Pension or Isa if:

  • You were sold an investment without having been properly advised of the risks
  • Your personal circumstances or attitude to risk wasn’t properly considered
  • You were sold a SIPP or poor returning annuity
  • You were advised to invest all or most of your savings into a single investment
  • You were advised to unnecessarily transfer a pension
  • You were sold a property fund investment
  • Your pension is worth little more or less than the contributions you paid into it
  • You were sold a guaranteed investment plan/bond and although received your money back, you have lost years of interest

We can offer a genuine No Win, No Fee service agreement.

Another banking scandal as more and more pensioners and people close to retirement are mis-sold investments.

More and more customers of Banks and Building Societies and financial advisors are losing money on risky investments they were not properly advised about.  This may sound very familiar to you.  For example you may be close to retiring and you have received a large cash lump sum from a maturing pension or the sale of your house.  It may have been the case that you simply saved up over your lifetime a nest egg for your retirement.

You have looked to a Financial Advisor for advice on how to invest that money wisely and safely, wanting an income from it to supplement your pension or other retirement income.  It may also have been the case that counter staff at your Bank or Building Society have persuaded you to seek the advice of the in-house financial advisor.  They advised you to invest in certain investment products but they do not explain the risks and, as a result, you lose money.

 

Financial advisors are under a legal obligation to properly consider your personal circumstances and decide what is an appropriate amount of risk given your situation and to properly advise you of this risk…

 

Did you know that financial advisors are under a legal obligation to properly consider your personal circumstances and decide what is an appropriate amount of risk given your situation and to properly advise you of this risk?  If they do not and you suffer losses you may be able to reclaim these.

Tim Wixted, Senior Solicitor with law firm Neglect Assist explains; “This is an all too familiar story.  We act for many savers who have been persuaded by Banks and Building Societies and other Financial Advisors, to put all or a large chunk of their life savings into high risk stock market based investments that were completely inappropriate for their financial needs.   Time and again, we are being approached by clients saying that they told these financial advisors that they needed this money to supplement their pensions and to live off of in future years and that they could not afford to take any risks at all.  Nevertheless, they were often told that the investments they were persuaded to put their money into were safe.  Many of these investments were funds that were, quite frankly, mis-described. They were based on the stock market and could fluctuate up and down wildly in value.  There have been many mis-selling scandals over the years and this could be the latest.”

In the boom years leading up to the credit crunch, many financial advisors were on bonuses and targets to sell these types of stock market based investment products and it seems clear that these were pushed onto people they simply weren’t right for.

The Financial Services Authority (FSA) regulate these type of Financial Advisors and there are increasingly very strict rules on what type of advice can be given to savers.  Financial Advisors are under a legal duty to undertake a ‘Fact Find’.  This means that they must find out exactly what their customer’s financial circumstances are and what their financial objectives are and then offer advice based on what is appropriate for the customer given their attitude to risk taking.  For many pensioners or people close to retirement who have lump sum savings they will be using over a period of a further 10 or 20 years to supplement a state pension, it is often not appropriate for advisors to recommend that they take risks with this money. If the advice given breaks the rules and a saver loses money, they can be entitled to compensation.

 

If the advice given breaks the rules and a saver loses money, they can be entitled to compensation…

 

Tim Wixted explains further; “We are currently acting for an elderly pensioner who, following her husband’s death, sold her family home with a view to downsizing.  She deposited the sale proceeds in her local bank, of which she had been a customer for over 30 years, and the staff recommended that she see their in-house financial advisor.  Unfortunately, she did and he persuaded her to invest virtually all of her available cash into one single commercial property fund.  Our client had no experience or knowledge of investments or the stock market and assumed this investment was safe and she would receive interest on this.  With the stock market and property crash, she has lost half of the cash she put into this and is very alarmed she won’t have enough money to see her through retirement. As her solicitors we have obtained all of her relevant documents from the Bank and we believe we have identified at least half a dozen breaches of the rules and we are confident that we are going to recover full compensation for her losses.  Indeed, the Banks have upheld the complaint we made on her behalf and we are negotiating a full settlement. She will also be entitled to interest on top of this for the amount and period she invested.  A couple of Banks have now been fined by the FSA for mis-selling investments, however we believe the problem is far more widespread than that.   Some of the Banks that have been fined, are making offers of compensation, but we would strongly recommend that you seek independent legal advice on this, because it is very important that you know what can be reclaimed and how that is properly calculated, before accepting any offers.”

If you believe you have been mis-sold an investment and you would like to recover losses and interest, please contact Neglect Assist.   We act for all of our clients on a “No Win, No Fee” Agreement.

You will speak to a friendly advisor who will take a few details and should be able to tell you within minutes whether you have a potential claim.  There is absolutely no obligation and even if we cannot help, we can give you advice on your options.  Please do not delay as there are time limits for applying.

Who Are We?

We are an award-winning team of solicitors who specialise in professional negligence and financial mis-selling claims. We use our many years of experience and knowledge in this area to obtain and scrutinize relevant documents from financial advisers, stockbrokers, CFD providers and other associated entities.  Using our specialist knowledge of the law of contract and negligence we identify any grounds for action. We submit written complaints, detailing every allegation and are successful in most of our cases.

What Do We Charge?

We offer an absolute and guaranteed No Win, No Fee agreement, it’s that simple. If successful, we take a fee of up to 20% (plus 4% VAT) * Of the award of compensation. If unsuccessful, our clients pay us nothing.

* We reserve the right to apply a deduction in more complex or higher risk cases of up to 30% plus VAT. Typical examples might be where there are multiple parties to claim against, where time limits for claiming may have passed or new areas of law are tested.

NO WIN, NO FEE

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Mis-selling or mis-management by a SIPP Operator?

Have you suffered financial losses on a SIPP operated by a SIPP operator? If so, then you may have grounds for bringing a No Win No Fee claim.

Some SIPP operators have entered into dealings with third party advisers who are not authorised and regulated by the Financial Conduct Authority to give pension or investment advice. This is despite their regulatory body publishing alerts and giving warnings against such actions.

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Mis-sold or mis-managed investment or pension?

  • You were sold an investment without having been properly advised of the risks
  • Your personal circumstances or attitude to risk wasn’t properly considered
  • You were sold a SIPP or poor returning annuity
  • You were advised to invest all or most of your savings into a single investment
View More

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