Investment Mis Sold

C

Commercial

Registered User
Messages
223
Hi there.
I have an elderly client who invested funds into a UK Geared Property fund over 5 years ago. Based on her age, late 60's, it seems that this was sold to a customer who stated that they were conservative and low risk investors.

The broker is saying, that they did not missell, and FSO are saying that they are giving option of mediation or alternatively investigation.

We are unsure as which route to take, mediation or investigation.
Has anyone experience of this?
 
I don't see any downside in agreeinig to mediation.

The financial services provider usually declines, so it makes no real odds.

Mediation may be quicker.

Brendan
 
mis-sold property investment

My 86 YO dad was sold a property investment in 2004. He invested €40,000.00
It is now worth €25,000. this investment was high risk for a then 78yo.
I wonder is there any point in following this up ?
 
Advising a 78 year old to invest in a property fund is not in itself mis-selling, if the 78 year old is aware of the risks and the property investment suits their risk profile, requirement and circumstances.

Do you think all of this would be true in relation to your father's investment? If not, it would be worth pursuing.
 
I am trying to find references to legal misselling cases, can anyone point me in the right direction

Thanks
 
ABank said:
I am trying to find references to legal misselling cases, can anyone point me in the right direction
Click to expand...

Try the FSO website as a starter. As this site is called AAM I always thought that Brendan would of allowed a section for persons to place true and accurate facts of miselling on this web site for people to self adjudicate on their future investments, (and past as well). Basically a name and shame guide.
 
Commercial said:
The broker is saying, that they did not missell, and FSO are saying that they are giving option of mediation or alternatively investigation.

We are unsure as which route to take, mediation or investigation.
Has anyone experience of this?
Click to expand...

It is very very seldom that a Financial Institution in this country will go to mediation. They all know when products were missold -- but are reluctant to admit to same. Personally I class them as worms -- slippery and greasy !!

Of course the Broker said he did nothing wrong !! These chancers work on Commission and as soon as a client cheque has gone through and the cooling off perid has expired, they collect their commission.
 
mercman said:
Try the FSO website as a starter. As this site is called AAM I always thought that Brendan would of allowed a section for persons to place true and accurate facts of miselling on this web site for people to self adjudicate on their future investments, (and past as well). Basically a name and shame guide.
Click to expand...

Bear in mind that AAM is a non-profit site funded mostly by Brendan and partly by voluntary donations. It is also owned by Brendan Burgess as an individual so any legal actions against AAM would be against Brendan Burgess as owner.

I would imagine that it would take a lot of time for Brendan to vet any such "name and shame" posts to verify their truth and accuracy. After that, even if he (or someone else) has taken the time to verify the truth and accuracy of something to be published, that doesn't stop a shamed company from using their legal firms to try to bully Brendan to take down a post. Even if you're 100% in the right, court cases can be very time-consuming and expensive.

If you published your own case on AAM and named and shamed the companies involved, would you be willing to sign an agreement that you would pay to defend any action taken against Brendan for alleged defamation or anything else they dream up?
 
Dave Vanian said:
Even if you're 100% in the right, court cases can be very time-consuming and expensive.

If you published your own case on AAM and named and shamed the companies involved, would you be willing to sign an agreement that you would pay to defend any action taken against Brendan for alleged defamation or anything else they dream up?
Click to expand...

Maybe time-consuming and expensive, but not as difficult as making it. And believe me there is nothing but nothing as frustrating as Brokers and/or agents emptying ones pockets for the sake of misselling or even fraud and all for a lousy commission.

And as for placing the facts in writing, well at last the Ombudsman now has the right legally to put the offending Institutions in writing. A form of name and shame.
 
You must log in or register to reply here.
Back
Top