Mis-sold an investment product

J

john32

Guest
Has anybody ever been mis-sold an investment product over the last number of years....

think I have just been mis-sold an insurance-based investment product from a financial advisor last year(won't name the institution)..

wasn't made aware of the risks at the time and he didn't tell me the downside of the investment....

would be interested in getting any feed back if someone had a similar experience

John
 

Duke of Marmalade

Frequent Poster
Messages
2,524
John,

As you may imagine the level of complaints of mis-selling has shot up with the stockmarket collapse.

If it was indicated to you in any way (and the brochures would surely have done so) that the value of your investment could fall, albeit you feel that risk was underplayed, the financial advisor could reasonably argue that no-one could have foreseen the unprecedented meltdown we have witnessed.
 

Rory Gillen

Frequent Poster
Messages
248
If you feel strongly that the facts back up your claim then you could try any of the following

(i) write to the compliance officer in the institiution involved outlining your issue and ask for a meeting
(ii) consult your solicitor for a legal opinion. Obviously, that costs money.
(iii) write to the financial ombudsman but be prepared for a long wait.

Rory
 
J

johnny1234

Guest
John, welcome to my world !! When I Trace back the last 12 months and you will see what I have had to endure for the past 35 months. I have been to hell and back with a Financial Institution? The most important thing is to make sure you have ALL the paperwork since day 1 in relation to your investment. The Ombudsman might take up to 6 months but it is a hell of a lot cheaper and quicker going down the Court route.

PM if you wish and I will pass you back more details.
 

Raskolnikov

Frequent Poster
Messages
348
think I have just been mis-sold an insurance-based investment product from a financial advisor last year(won't name the institution)..
We see this time after time on these forums. You have to be so careful when you're seeking financial advice.

If you go into the likes of AIB, Aviva or Friends First and ask for advice on what to do with your money; the "Financial Advisors" there will simply try to sell you products that can generate commissions and profits for the salesperson and the company. There is nothing wrong with this, but customers really should not be so naive as to take what these people say at face value.

From what I've read, the Financial Regulator will only take action if it was absolutely blatant that people were sold products that were totally unsuited to their needs (i.e. 80 year old women being sold geared property funds and credit unions being sold risky bonds).

I may be wrong in your case, but too often we see posts on here where people abdicated responsibility, didn't read the terms and conditions and signed their money away without even knowing the exact details of what it was going to be invested in.
 
M

mercman

Guest
If you go into the likes of AIB, Aviva or Friends First and ask for advice on what to do with your money;
From what I've read, the Financial Regulator will only take action if it was absolutely blatant that people were sold products that were totally unsuited to their needs (i.e. 80 year old women being sold geared property funds and credit unions being sold risky bonds).
There are plenty of Posts on this forum in relation to general mis selling of investments and ones which I have made in relation to mis-selling by New Ireland. In fact I would say that raskolnikov has picked the best of a bad lot in investment product sales. From personal experience and this is all I have to offer, is that the BoI and group companies operate in a disgraceful manner on all fronts. In a normal society, they would be outlawed long ago and probably closed down. But this is Ireland and the new Financial Regulator has a job to do to ensure that Investment companies operate in the customer's best interests and not by simply using sales people operating on commission to entice people to part with their money.
 

Bronte

Frequent Poster
Messages
13,728
Has anybody ever been mis-sold an investment product over the last number of years....

think I have just been mis-sold an insurance-based investment product from a financial advisor last year(won't name the institution)..

wasn't made aware of the risks at the time and he didn't tell me the downside of the investment....
What was the product, you don't have to name it, but what was it, what returns did you expect and in what way do you feel it was mis sold to you?
 

Mpsox

Frequent Poster
Messages
1,615
The FInancial Services Ombudsman will normally only get involved once you have exhausted the customer complaints procedures of the Financial Institutions involved. Therefore, if you are not happy, you need to make to ask them for a copy of their complaints procedures and go from there.

It's difficult to give more advice without knowing the nature of your own circumstances and what you bought
 
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