People tend to trust financial advisers to provide advice on the best way to invest their money. But sometimes that advice can be bad and result in mis-sold investments.
Financial advisers usually fall into two categories, the first is an independent advisor who will usually have access to the entire investment market and can offer a wide range of products.
The second is an adviser who is tied to a particular bank or building society and is usually only able to offer products provided exclusively by that bank or building society.
Whether you’re choosing to invest in bonds, ISAs or any unregulated financial schemes, every financial adviser has a duty of care to you. They have to ensure they don’t act negligently by recommending an unsuitable product that does not take into consideration your financial situation or attitude to risk.
If they failed to do this, then you may have been mis-sold an investment and could make a compensation claim.
Examples of negligent investment advice
You may have been mis-sold an investment if:
- The advisor failed to consider your full circumstances, needs and objectives.
- The advisor failed to explain to you the risk of investing in a particular product which they recommended.
- The recommended investment was inappropriate to you circumstances.
- The recommended investment was a higher risk than you were willing to take and that was not explained to you.
- You were recommended a guaranteed stock market bond that you have lost interest on.
- You were recommended an unregulated collective investment scheme (UCIS) without being advised on the implications and/or without fulfilling the criteria required.
- The advisor failed to provide you with any suitability letter or similar letter of advice to confirm why they had recommended a particular product to you.
This isn’t an exhaustive list. If you believe you’ve been mis-sold an investment, get in touch for a free, no obligation conversation.
Call us today on 01924 457171 or fill in the form below to request a call back.