Mr W had a pension fund of almost £145,000 and required a secure investment which 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.
However, 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. In a period of less than 5 years, the investment fell in value by nearly £48,000 and consequently reduced the amount of income he could obtain for his retirement.
He approached us for advice and we acted on his behalf in a claim for compensation for both the capital and interest that had been lost on the investment. We were able to negotiate a settlement of his claim. He received a total of £56,500 in 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.