Mrs R needed to safeguard her savings to cover a £50,000 mortgage shortfall after her endowment policy underperformed. She was unwilling to jeopardise these savings as she was unable to work due to being the sole carer for her elderly mother and terminally ill husband.
The adviser recorded Mrs R as a low-risk investor but recommended a medium-to-high-risk investment heavily weighted in equities and commercial property. Being inexperienced in the field of investments, she trusted the advice and recommendations of the adviser.
Mrs R was unaware of the potential consequences of a high level (approximately 50%) of the investment being weighted in equities and commercial property and accepted the adviser’s recommendation to invest in the Fund.
Within three months, her £50,000 investment dropped to £36,182.52. She exited the fund with only £35,298.14.
We secured compensation of £17,590.59 for Mrs R, who was relieved and pleased with the outcome.
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Retired and in ill health, Mrs L remortgaged her home to invest based on poor financial advice. The fund failed and she had to sell her home. We secured £70,000 compensation.
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.
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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