Mr R had a pension fund worth over £340,000 and met with a financial adviser to discuss his retirement options. He was persuaded to put the full amount into an investment plan and to draw income at a rate of £20,000 per year.
After the investment had been running for seven years, it was noticed that the value of the fund had decreased by more than the amount being taken for income. 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.
After another two years, 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 which 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.
Why choose Neglect Assist?
We are a firm of solicitors who specialise in negligence law with over 20 solicitors dedicated to this area. We have pioneered the use of “No Win, No Fee” Agreements in negligence law since their introduction in the 1990s. We only take cases on if we are able to offer a “No Win, No Fee” Agreement. Furthermore, the insurers who pay our clients compensation are also obliged under English Law to pay our legal costs on top and therefore, usually from the onset of the case, we can confirm with our clients that, if unsuccessful, they will pay nothing.