Portfolio investment

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macavitycat

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My partner was sold a financial product when living previously in the republic of Ireland where he lived until 2009 which I don't feel he was well advised about.
He received a lump sum and after just one meeting with his bank's financial adviser, put the entire amount into a medium to high risk investment portfolio which performed badly. He had no other savings at the time, was a student and only had a part-time job so the product wasn't really suitable. The fund still exists (taken out in 2008) and he needed to withdraw money from it to live on whilst continuing his studies in the UK. He's had no contact with the bank since other than to make withdrawals and is still paying fees, with about a fifth of the original investment left.
We don't know where to start in terms of straightening things out and making the best of what's left (eg withdraw what's left now and convert to sterling? Or leave it? ) and it occurred to me today that in the first place the portfolio was not suitable so could he have a case against the bank? If so where would we start to get advice? We're in the UK but home in Ireland frequently too.
 
If he feels he has a case then he should lodge a complaint with the Financial Services Ombudsman. Has he kept all the paperwork ?? Try summerising the casewhen other posters might give you a lead and direction.
 
Perhaps, but there must be papers when he took out the investment. You had better hurry as the time period is only six years before the Ombudsman will refuse to look at it.
 
A young person being advised to invest in a medium to high risk investment portfolio would be normal, nothing exceptional there... That fact that it performed poorly or that he put all his money into it are also not grounds for complaint by themselves either.

So far you have not presented anything that would suggest wrong doing.
 
macavitycat said:
Turns out it was late 2007. Could he still complain to the bank?
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He can complain to the bank if he wants to.

But there is a 6 year time limit for legal action or for making a complaint to the Ombudsman, so you have missed that deadline.

Agree with Jim - nothing in your post suggests misselling.

The issue is that your partner who is living in the UK has an Irish investment product worth €x today. Is this suitable for him now? That is the only relevant issue.

You need to take advice from a UK financial advisor if it's his plan to stay in the UK.

Does he need the money? If so, sell it.

If he wants to leave it invested, this fund might be as good as any other.

If it has lost a lot of value, then there are tax advantages in leaving it where it is as any future gains will not be subject to taxes in Ireland.
 
Not so sure Brendan/Jim2007,

If no real source of sustainable income, and needed money to live on then investing an entire lump-sum into risk assets does not make sense to me, and nor do I believe it is 'competent' advice. But as Brendan highlights maybe your partner has missed the legal time-window.
 
Did your partner go into the bank looking for advice on what to do with this lump sum or was he door stepped?

While is certainly appears to be a case of commission chasing on the part of the bank official, you haven't put forward much of an argument that says you have a case.

Even if you weren't time barred, there are procedures in place before you can go to the Ombudsman. Complaining to the bank is your first step.



Steven
www.bluewaterfp.ie
 
macavitycat said:
My partner was sold a financial product which I don't feel he was well advised about.
.
Click to expand...

What makes you think he was badly advised. How much did he invest and what was the fund. Why did he invest. What was he hoping to gain?
 
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