Mis-sold or mis-managed Investment For Care Home Fees?

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Is This You?

  • Have you lost money on an investment which was designed to meet or contribute towards care home fees?
  • Was your money locked away for a set period of time, with penalty fees being charged for any capital withdrawals?
  • Did your investment fail to provide an adequate amount for your care?
I received a top class service and an excellent payout. Many thanks. Mr Jackson

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.

How Much Am I Entitled To?

Any investment designed to meet or contribute towards care home fees should have provided an adequate amount of money to meet this need. You can look to recover any capital losses on the initial investment amount, along with additional interest. You can also seek to recover any penalty fees that may have arisen for early withdrawals, and commission payments. Neglect Assist can investigate and advise upon the level of loss suffered and may be able to represent you in a No Win No Fee claim.

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.

About Investments For Care Home Fees

The decision to move into a care home can be a stressful time for both the individual and their families. With fees for a residential care home place reaching an average of £2,500 per month (and often exceeding this amount), it is natural that careful consideration needs to be given as to how these costs will be met.

A pensioner may have relatively significant sums of capital available to put towards the cost of their future care. This money can come from life savings, or may even be raised from the sale of their home. It is of vital importance to receive good and proper financial advice from a professional. The consequences of poor or wrong advice could be devastating and lead many elderly people or their families to lose thousands.

It is of vital importance to receive good and proper financial advice from a professional. The consequences of poor or wrong advice could be devastating and lead many elderly people or their families to lose thousands…

It is increasingly the case that pensioners are being advised to invest vast sums of money into bonds which produce an income. This is then used to either meet or contribute to monthly care home fees.

For the majority of elderly people or their families, such investments are not suitable. There are a number of inherent risks which financial advisers should have been aware of and advised upon.

If they failed to do so, and you have suffered financial loss as a result, you may have grounds for a No Win, No Fee claim. Financial advisers typically have indemnity insurance to cover the cost of such claims.

The potential problem with such bonds is that they are routinely invested in the stock market or other volatile investments where there are inherent risks. This means that the value of the bond can fall significantly if there is a fall in the share or market asset prices. The potential losses are illustrated in the following example;

Initial investment amount: £100,000
Market Fall: 30%
Loss: £30,000 plus interest on the initial amount

This can lead to a dramatic fall in the level of income being provided by the investment which can then result in elderly people and their families facing difficulties in meeting the continued cost of care.

The problem is compounded by the fact that many of these types of bonds are invested for stipulated periods of time; commonly for periods of between 5-10 years. There can be huge financial penalties if the investor attempts to withdraw even some of the capital before the end of the stated term. This has the effect of locking up the capital and leaving the elderly investor or their families powerless to address the situation should losses begin to arise.

The bond may also have a clause which provides that if the investor dies within the investment term, any remaining capital in the bond will either be forfeited or the return offered will be minimal. This is a particular problem where the investor is, for example, suffering from health conditions or at a very advanced age. There are some examples of where people have been sold such bonds when they are aged well into their 90’s.

There are many alternatives to these types of investments available which may have provided the elderly investor or their families with a greater level of flexibility and security. In certain situations, financial advisers can fail to properly consider and advise upon these alternatives.

If you believe a financial adviser has;

  • Wrongly advised you or a relative to invest into a bond designed to produce an income to pay care home fees.
  • Caused you to suffer financial loss
  • Caused your capital to be locked away for excessive periods of time, with penalty fees being charged for early withdrawals

or acted negligently in any other way, please telephone for free, without obligation advice on 0800 152 2620 (0333 200 4716 from a mobile)or fill in the short enquiry form on the right and we’ll call you back.

FAQs

What are investment for care home fees?

These are commonly single lump sum investments that are designed to either meet or contribute towards the cost of care home fees. It is often the case that an elderly person acts upon professional advice to invest all, or a significant proportion, of their life savings or capital raised through a property sale into a bond. This then provides an income, but significant losses can be suffered if there is a fall in share prices or other market values.

Further losses may be suffered if withdrawals from the capital are made within the stipulated investment term, or if the investor should die.

Can you help if the investment was made by a relative and not by myself?

Yes. You may, for example, be acting for someone under a power of attorney arrangement, in which case we can advise you directly. We can also help if the investor has since passed away as any potential claim can be brought on behalf of their estate by their appointed representatives.

How much am I entitled to?

Any investment designed to meet or contribute towards care home fees should have provided an adequate amount of money to meet this need.

You can look to recover any capital losses on the initial investment amount, along with additional interest. You can also seek to recover any penalty fees that may have arisen for early withdrawals, and commission payments.

Neglect Assist can investigate and advise upon the level of loss suffered and may be able to represent you in a No Win No Fee claim.

Can you help if the financial adviser is no longer in business?

We can still consider claims where this is the case. Financial advisers will usually have professional indemnity insurers and it may be possible to claim from them. It is also possible that there are other connected parties involved who it may be possible to pursue legal action against.

If there are no viable avenues to pursue for a claim, we can also consider and advise upon action through the Financial Services Compensation Scheme, which is a service where compensation may be obtainable where the financial adviser has ceased trading and there is no valid insurance cover.

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.

What if my claim has already been rejected?

We will still look at this for you. We have taken on and been successful in claims that have been rejected by a financial adviser or their insurers.

Will I have to fill out loads of paperwork?

No, we will be able to do most of the necessary paperwork for you and we can obtain any relevant documents from the financial adviser and from any other connected parties on your behalf. You will have to check the details of your claim before it is submitted, but we will assist you with this.

What do I do now?

Call us on 0800 152 2620 or email us. There is absolutely no obligation to proceed and if you tell us what’s happened, we will briefly explain if we think you have a claim and the procedure for filing a claim and the time limits that apply.

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