Make sure you document all contact with the agent, as the Ombudsman will look for this.What a brill result. I am in the same situation with an Aunt except she was advised to invest in the Evergreen fund. She is 60, thought it was a deposit a/c, has no factfinder, reasons why. Requested a copy over 2 weeks ago. Told this morning not even processed. Am writing to FO.
Any advise/thoughts would be appreciated.
I agree that the fact that markets have dipped in the last twelve months is likely to give rise to an increased number of spurious complaints. (Like you, not suggesting that any of the complaints mentioned in this particular thread are spurious.)Is it just me or does anyone else feel a little uneasy on this topic?
First up, please be assured I am not casting any aspersions about eiregal or her mother, and my point is general rather than specific. But a summary of what happened in that case (and lots of others we hear about) might be as follows: visited bank and asked for advice; didn't do any research or make any comparisons; didn't listen to what they told me or ask any questions; didn't read what they sent me but signed up for a product anyway. If it goes up, great; if it doesn't then I'll ask for my money back. The authorities will support me because I am the small person against the big institution.
Is this not creating a situation of moral hazard? I know the banks have a responsibility to SELL their products property (and that they don't always do so), but do we as consumers not also have a responsibility to BUY them properly?
I think that you have hit the nail on the head here. There is little or no safeguard for the consumer in the regulator system to protect the client from the Banks 'sharing' deposit/current account information with the Life Assurance arm of the same institutions. If there is, I may have missed it.My mother didn't visit the bank and ask for advice. The bank made contact with her on several occassions. They initiated it.
To clarify - most of the points you are referring to were made by Dogbert, and quoted in my reply.Just to correct you on a couple of points there Dave. My mother didn't visit the bank and ask for advice. The bank made contact with her on several occassions. They initiated it. The problem wasn't that the value of the investment went down. The problem was that my mother had no other money to keep her going while her investment was locked in long term. She wasn't told it was a long term plan.
Also, you say 'didn't read what they sent me but signed up for a product anyway'. They didn't send her anything before she signed up. The FA verbally advised her on the product and she signed up.
In hindsight, obviously she shouldn't have signed up like that. In reality, how many aged 60+ people are going to fully research a product that a 'trusted' bank official is advising them to take? Not many I'd say. The bank clearly knew they were in the wrong anyway, or else they wouldn't have given her back the money with little fight.