We have helped many people reclaim mis-sold pensions and investments. These are just some examples below.
Please note the amounts shown are before the deduction of our fee which is 40% plus Vat – total 48%.
After inheriting some money from his late mother`s estate Mr Thornley decided to take advice from his bank about how to get the best return. He made it clear to the bank that he was not a risk taker and could not afford to lose any money.Read more
Michael Houston worked for McCain Foods who provided him with a Final Salary Pension Scheme. He was visited at his home by an Independent Financial Adviser (IFA) and was persuaded to transfer his company pension into a SIPP with Pointon York.Read more
In January 2007 Mr Parton received some money when he sold his business and retired– he paid the proceeds into his current account. Lloyds TSB suggested he spoke to a financial adviser and he was quite happy to do this. The adviser recommended that Mr Parton invest £150,000 into a Flexible Options Bond and Mr Parton followed his advice which seemed to make sense.Read more
Andrea Gough was advised to transfer several pensions to Clerical Medical, including an occupational pension scheme from a previous employer. Andrea lost all the guaranteed benefits associated with the occupational pension scheme, including a pension for life based on her final salary.Read more
Mr Snowden had recently received a lump sum from a redundancy pay out and had paid the proceeds of this into his bank account. At this time the bank approached him to speak to a financial adviser who recommended that Mr Snowden placed his money into a Stocks and Shares ISA for the medium to long term, as he was planning on using this money help fund his retirement plans.Read more
Mr Hakes was advised to transfer his NHS pension into a Self Invested Personal Pension (SIPP), thereby losing all the accrued and future benefits he would have enjoyed under this scheme.Read more
In January 2006 Mr Miller received some money from his late father’s estate. Lloyds TSB suggested he spoke to a financial adviser and he was quite happy to do this. The adviser recommended that Mr Miller should invest £100,000 into a Flexible Options Bond and Mr Miller followed his advice.Read more
DenisProbert worked for over 35 years for his employer that offered an occupational pension scheme. In 1995, an Allied Dunbar (now Zurich) representative advised him to put extra money into a Free Standing Additional Voluntary Contribution (FSAVC) when he could have paid AVC’s into his existing occupational scheme.Read more
Mrs Long was encouraged to invest the money she held on deposit into a risk-based investment with RBS that lost money. Having assessed her circumstances both personally and financially at the time of the sale, it became apparent that the advice given by RBS may not have been suitable as her attitude to investment risk had not been assessed correctly.Read more
Darren Byworth got in touch with us after seeing our details on the internet. He was advised to transfer his private pension into a SIPP with Greyfriars Asset Management. The pension was then invested into high risk funds leading to significant losses to his retirement fund.Read more
When Mr Rynkiewicz received his pension lump sum from his employer Halifax suggested Mr and Mrs Rynkiewicz speak to a financial adviser about what to do with the money. The adviser recommended that the couple invest £30,000 into Investment Bonds and Investment ISA’s.Read more
Gail Baldwin was advised by Blue Infinitas Ltd to transfer her personal pension with Sun Life of Canada into a SIPP. Most of her money was invested in unregulated products which resulted in significant losses.Read more
Fred had sadly lost his wife and was in the bank when he was approached by the staff to see an adviser due to his substantial balance. He had received a payout from his late wife’s insurance policy and had paid this into his account.Read more
Kelvin Lewis was a member of his employers’ occupational defined benefit pension scheme. He was advised by Black Horse Life to take out a Free Standing Additional Voluntary Contribution (FSAVC) pension.Read more
Mr & Mrs Montague were encouraged to meet with a Lloyds TSB adviser after Mr Montague had been made redundant and Mrs Montague had received an inheritance. They were encouraged to invest their money into ISA’s without having a full analysis of their financial circumstances to establish if the products were the most suitable. They were extremely disappointed when their investments lost over £3,000.Read more
Mrs Fitzpatrick was referred to us by her son-in-law after we were able to help his mother. Mrs Fitzpatrick had a maturing 1 year deposit with Alliance & Leicester and wanted to reinvest her money for a further 12 months. However, rather than act upon her wishes, Mrs Fitzpatrick was referred to a financial adviser who recommended that she invest £24,000 into a Legal & General Distribution Bond for 5 years. This enabled Mrs Fitzpatrick to receive an income every month which would help cover her outgoings so she agreed and signed up straight away.Read more
Ann Cutts lost her husband following a short illness and received funds from his pension scheme.
Understandably, Mrs Cutts was devastated at this time but nevertheless agreed to meet with a financial adviser at Halifax to discuss the best place for her money.
Mrs Cutts had never invested money before so trusted the adviser when he recommended her to invest a substantial amount in a Bonus Bond, which was linked to the Stock Market and therefore carried a significant element of risk.
Even though Mrs Cutts actually made a small gain on this investment she could have received better returns had it been placed in a more appropriate area. We complained to Halifax on behalf of Mrs Cutts and argued that she should not have invested so much money and certainly not at such a distressing time.
Halifax agreed and paid Mrs Cutts £700 within 2 weeks of receiving our claim.Read more
In 1998 Mr Potter wound up his construction business and decided to retire. At this time Royal Bank of Scotland suggested that Mr Potter should invest some £6,000 into a Personal Equity Plan (PEP). The adviser explained to him that PEPs were tax free and Mr Potter thought it was a good idea. However, over the next few years the value of Mr Potter’s PEP fluctuated greatly, seeming to go down much more than going up. He waited for the value to recover and cashed in his PEP which made a small growth of just £176 over 10 years.Read more
In 2006 Mr Booth had re-mortgaged his home through the Cheltenham & Gloucester in order to clear some previous finance and also to raise money for some home improvements he had planned on his property. In December 2006, Lloyds TSB persuaded Mr Booth to sit down with a financial adviser after depositing the funds into his account that he had allocated for his home improvements. The adviser recommended he invest £7,000 into a Stocks and Shares ISA.Read more
Mr Sheppard had recently taken a lump sum from his pension plan and had paid the proceeds of this into his HSBC account. The bank recommended that Mr Sheppard placed his money into a Stocks and Shares ISA for the medium to long term, even though Mr Sheppard had mentioned that he may need access to this money in the near future.Read more
Mrs Soule had been through a difficult period in her life following the loss of her daughter and went to Halifax to ‘put some money away’ for her grandson as her daughter had wished. The bank was only too pleased to help but tied up Mrs Soule’s money for five years in an Investment Bond which had a guarantee at the end of the term if the funds were left in place.Read more
Mr Roden was purchasing his first home in August 1996. He sought mortgage advice from Halifax in order to complete on the purchase. In addition to making his new mortgage payments, Mr Roden was advised by the Halifax to make new regular contributions to an ISA. Mr Roden was happy to act upon this advice.Read more
Steve had been continually contacted by his bank, Lloyds TSB, when a member of its staff noticed that he held a substantial balance in his account. They pressured him to meet with an adviser and discuss investment options.Read more
Mr & Mrs Orsborn were encouraged to meet with a Royal Bank of Scotland adviser because of the large amount of money they had saved in their deposit account. A guaranteed investment bond was recommended for a period of three and a half years along with two equity based ISA’s. At the end of the term they were disappointed to receive only the original investment from the bond and had lost money on the ISA’s.Read more
Mr & Mrs McCann had recently paid the proceeds of the sale of a house into their Halifax account. At this time, they were approached by the bank to speak to a financial adviser and he recommended Mr & Mrs McCann invest £15,000 into a Personal Investment Plan for the medium to long term. Mr & Mrs McCann thought this would be a sensible option as they were approaching retirement and they needed to be financially secure.Read more
Mr Woolliscroft had built up a healthy balance in his savings account over a period of time. He approached his local branch and asked for their help in getting a better return. He had recently retired from work due to ill health and any extra income these savings could produce would be a real benefit.Read more
Mr Sutton contacted us after losing £6,000 in a Coop bank Corporate Bond. He had been told the investment was safe and invested £100,000 but was disappointed to lose so much money when he finally cashed in the policy. He contacted us after reading about us on the internet. We discussed with Mr Sutton what he remembered from his meetings with the bank and looked at the paperwork he provided to us. This all pointed to a typical case of risks not being explained properly.Read more
Alan had been a customer of Northern Rock for many years when he invested with them in 2005. The bank staff had been pressurising him to meet with one of their advisers when they noticed that his balance was substantial following his early retirement. Eventually, he agreed to meet with the adviser and proceeded to take his advice to invest into a Legal & General Bond despite the fact that he had actually earmarked the money to buy a rental property.Read more
Mr Jones had bought single company shares on the recommendation of a stockbroker Wills & Co. The shares contained a high level of risk and subsequently dropped significantly in value.Read more
A representative of Britannic Assurance (now Phoenix Life) advised Mr Bullock to save £100 per month to build up a nest egg for his retirement. The plan began in 1999 and went on for 10 years when Mr Bullock cashed it in getting back £2,000 less than he had actually put into it.Read more
In 1997 Mr Rowse was approached by his bank to talk about his savings and getting a better return. The adviser recommended that Mr Rowse should invest £10,000 into an ISA/Unit trust and Mr Rowse decided to accept this advice.Read more
Mrs Maton-Jenner had invested £20,000 with Barclays bank having received a pension lump sum payment in 2007. After three years the investment had lost £3,000 which came as a big shock to the client, particularly as she had wanted her capital to remain secure without any risk. Mrs Maton-Jenner approached Goodwin Barrett and spoke with Senior Claims Adviser, Steve Wise to explain her situation.Read more
Most people expecting sound financial advice would normally turn to their bank, believing it would have their best interests at heart. Malcolm Nash believed the same when he turned to HSBC for advice about his substantial savings. What he ended up getting was totally inappropriate advice meaning he lost over £8,000 within 12 months.Read more
Donald invested £5000 some years ago with Lloyds TSB. He was not in great health at the time but was encouraged to invest his savings for a term of 5 years. Consequently, Donald lost money on his investment when he subsequently surrendered this a few years later.Read more
Mr and Mrs Caulfield were contacted by their bank in 2007 after Mr Caulfield retired. He had received his retirement lump sum into his account and the branch staff noticed this and suggested an appointment with a financial adviser. Mr and Mrs Caulfield attended this appointment and despite making the adviser aware that they were intending to move house in the very near future, were advised to invest a large sum of money over a period of 5 years.Read more
Mr Gaskell approached Lloyds TSB seven years ago when he had received a sum of money from the sale of his previous property. He had recently gone through stressful times as he had lost his mother, got divorced and had also been made redundant.Read more
In 2002 Catherine’s father had passed away and whilst she was in the bank dealing with his affairs it was suggested by a member of staff that she met with an adviser to discuss investments. She had previously cared for her father and was obviously grieving for him. The adviser suggested she invest a sum of money despite her vulnerable state at that time.Read more
Miss Lomax, now a local councillor for Morecambe town council, retired in 2001 after working for Boots for 27 years. She approached the Woolwich to ask for financial advice for the funds she had saved and was recommended to invest £30,000 into a With Profit Bond with AXA. Miss Lomax was happy to leave her money invested for 5 years with the understanding it would be safe.Read more
In December 2006 Mrs Fletcher received some money when she had to take early retirement from her job in order to look after her husband who had suffered a stroke. Lloyds TSB encouraged her to speak to a financial adviser when this money was paid into her account, she was happy to do this. The adviser recommended that Mrs Fletcher invested £25,000 into an ISA and OEIC and Mrs Fletcher followed his advice which seemed to make sense.Read more
Mr Smith invested into a Capital Guaranteed Bond but was disappointed when after six years he only got back his original investment and nothing more. He had originally been contacted by Lloyds when the bank noticed he had paid in a cheque following a redundancy payout.Read more
Mr & Mrs Phelps were encouraged to meet with a Co-op adviser because of the large amount of money they held on deposit, the proceeds of a property sale. They were encouraged to invest their money into risk based products. They were extremely disappointed when their investments lost money as it had been their intention to leave it on deposit.Read more
When Mr Willis retired with a lump sum from his employer he turned to an Independent Financial Adviser for advice about how to top up his income in retirement. He made it clear that he could not afford to lose money but understood that there may be highs and lows. The adviser recommended an ISA and Investment Bond. Mr Willis left his money invested for 12 years and when he eventually cashed it in he barely broke even.Read more
Mr Shaw explained to his adviser at NatWest that he did not want to take risks with his money when the bank approached him about investing some of his savings. He was recommended a Guaranteed Investment Bond where the value of the capital cannot dip despite stock market fluctuations.Read more
Mr Horton had built up a healthy balance in his savings account over a period of time. He was approached by his local branch who suggested a meeting with its financial adviser. He was retired from work and receiving a pension and any extra growth on these savings would have been a real benefit.Read more
After being made redundant Mr Stevenson got a cheque which he duly deposited into his Yorkshire Building Society account. Mr Stevenson simply wanted his money to work harder for him so he asked for some advice at his local branch. The financial adviser from Legal and General recommended he put away £47,000 into a property fund.Read more
Mr Sawyer invested some of his savings into an ISA linked to the stock market after taking advice from his bank. He trusted his adviser to give him the best advice for his circumstances but it transpired that he was only told about all the possible benefits of this type of investment with little or no discussion about the true risks involved. He lost £1,200 when he cashed in his ISA.Read more
In 1996 Mr and Mrs Lansdowne sought investment advice from Halifax bank having accumulated surplus monies in their bank account. They wanted to explore the option for their money to grow in a safe tax efficient fund.Read more
John and Marilyn were nearing retirement a number of years ago and planning a house move when they approached Lloyds TSB for some investment advice. They were recommended to invest into a combination of ISA’s and Unit Trusts with Scottish Widows.Read more
In 1997 Mr Armstrong approached Lloyds TSB to open a regular savings account. He had wanted to save a regular monthly amount of £30 over a 5 year period so that he could treat his wife to a special holiday when he reached age 65.Read more
Kevin Mitchell invested £50,000 six years ago with Santander and when he surrendered the money just two years later he found he had made a loss on his investments of £2,800. He thought there would be nothing he could do about this, until he came across our company on the internet.Read more
Frank had been made redundant from his job back in 1998 and had received his redundancy payment into his Lloyds account. He was encouraged by a staff member to see a financial adviser and discuss investment options. Frank was then recommend to make an investment despite being out of work at the time and living on a much reduced income. He was also suffering from poor health and his future employment prospects were uncertain.Read more
Mr Burke was contacted by Santander because of the large amount of money he held in his deposit account. He was persuaded to invest his money into an investment bond with the promise of greater returns than those available in his deposit account. The transaction was completed during one meeting.Read more
Alan Bamford was a member of his employers occupation defined benefit pension scheme for many years.
He was mis-sold a Free Standing Additional Voluntary Contributions (FSAVC) pension by Midland Life. The adviser did not take into account the benefits of a similar scheme available to Mr Bamford from his employer that would have provided enhanced benefits to him on retirement.
As a result of our claim Mr Bamford was awarded £600 compensation.Read more
Richard Dobbs had a young family and wanted to start saving to build a deposit for their first home. He met with a financial adviser at Halifax to discuss the best way to do this.
Mr Dobbs had never invested money before so trusted the adviser when he recommended him to invest a significant monthly amount into a Stocks and Shares ISA.
Any investment linked to the Stock Market should be seen as a medium to long term investment lasting at least 5 years. We sent our claim to Halifax bank pointing out that Mr Dobbs should not have been advised to invest into this ISA. It should have been obvious that he would need access to the funds and in any case the product was too risky for a first time invester.
Halifax agreed and paid Mr Dobbs £1,270 within days of receiving our claim.Read more
Mr Alderman received an inheritance following the death of his father and met with a financial adviser at HSBC. Mr Alderman had plans for most of his money but the adviser encouraged him to invest into a Stocks and Shares ISA.
Mr Alderman had never invested money before so trusted the adviser when he recommended him to invest into the British Trust Fund which was linked to the Stock Market and therefore risky.
We sent our claim report to HSBC highlighting how the advice was too risky for an inexperienced investor and within weeks secured a payout of £1960.Read more
Raymond Nicholls met with a financial adviser at Abbey National after he was made redundant in 1993. He wanted to ensure his money was in the best place after such a big change in his life.
He had never invested money previously but was advised to put a regular amount of £50 per month into a 10 year savings plan. After investing this amount for 10 years he had paid a total of £6,000 into the plan. However, because the money was invested in stocks and shares the amount he got back was just £5739.98, actually losing over £270 after a decade.
We sent our claim to Santander explaining that Mr Nicholls should not have been advised to take this risk with his savings, particularly as he was a first time investor.
Santander investigated the advice Mr Nicholls had received and agreed that it was not suitable for him at the time. We asked Santander to refund the money lost and calculate what returns could have been achieved if he had invested his money more appropriately. With interest on top the payment made was £4,627 leaving a delighted client with over £2,400 after settling our fee.Read more
Mr Mitchell was encouraged to meet with a Lloyds TSB adviser after he had retired from work. A unit trust was recommended which subsequently lost money.Read more
Alan received a lump sum after being made redundant in 2008 and soon after the money was put into Halifax he was encouraged to speak with a financial adviser. Alan thought this was a sensible thing to do and arranged an appointment at his local Halifax branch.
He was advised to invest a significant amount of £20,000 into an ISA and a Collective Investment Plan and agreed. After 2 years he decided to close his investment and after taking into account withdrawals he had previously made and some income he received he had lost over £700 from his original lump sum.
We wrote a report and sent the claim to Halifax arguing that it was wrong to recommend Alan to invest in the UK Equity Fund as it contained too much risk for someone who had never invested before. We also added that Alan was talked into making the investment without giving him enough time to consider what he really wanted to do with his money.
Halifax looked into the advice they had given to Alan over 10 years earlier and agreed that it was not suitable for him at that time. We requested that Halifax refund any money Alan had lost and also pay him what he could have earned had he left his money where it was with interest on top. This resulted in Alan receiving a payment of £1,569.Read more
Susan went through a difficult time in the late 90s as she had to retire from her job on health grounds and then suffered the loss of her mother. Susan sold her mother’s home and staff at her local Barclays encouraged her to speak with a financial adviser when she received the sale proceeds.
She was advised to invest a lump sum of £20,000 into an ISA and a unit trust with Legal & General. When her investments came to an end she received back just over £16,500 resulting in a loss of around £3,500 on money which was very important to her. This was a very distressing experience for Susan.
We sent our claim to Barclays stating that it was wrong to recommend Susan should invest in the risky Growth Portfolio Trust. She was no longer working and would need access to her money making her investments totally unsuitable.
Barclays investigated the advice they had given to Susan nearly 20 years previously and agreed that it was not suitable for her at that time. We directed Barclays to calculate the position she would have been in if she had been given the correct advice and to add interest on top. As a result of our work Susan was delighted when Barclays offered her £11,411.Read more
In 1999 Sylvia was introduced to a financial adviser when she was aged 22. Sylvia, sensibly, wanted to save for the future and thought it was a good idea to discuss this with a professional.
She was advised to invest a lump sum of £1,000 and to top this up with £50 per month from her earnings as a nursery nurse. Sylvia struggled to afford this but managed to keep this arrangement in place for nearly 4 years and put away a total of £2,300. However, because the money was invested in a Stocks and Shares ISA the amount she got back was just £2,121 resulting in her losing almost £180 across this time.
We sent our claim to Royal London explaining that Sylvia should not have been advised to take this risk with her savings as she was committing money which she could not afford into the risky UK Growth Fund.
Royal London looked into the advice given to Sylvia and agreed that it was not suitable for her at that time. We asked Royal London to refund the money lost and calculate what returns could have been achieved if Sylvia had kept her money in a no risk savings account. This resulted in a pay out of £1,286.Read more
Dr Murray and her husband had downsized their home and had money left over after buying their new house. They spoke with a financial adviser at Abbey National about the best options they had for their funds.
The couple had never invested money previously but were advised to put a lump sum into a complicated ‘Inscape’ portfolio. This contained shares from all around the world and would use ISA allowances each year.
We sent our claim to Santander arguing that Dr Murray and her husband should not have been advised to invest into the portfolio as they were taking too much risk, particularly as they were first time investors. It was also clear they were told to invest too much of their money.
After investigating our claim Santander agreed. They refunded Dr Murray the £6,000 that was lost and on top of this calculated what she could have earned had the money been left on deposit. This amount with additional interest resulted in a payment to Dr Murray totalling £13,590.Read more
Mr Tonge inherited a property after the passing of his step-father. He renovated the property before selling it and was encouraged to speak with a financial adviser when the sale proceeds were received.
Matthew had never invested money before but was advised to invest into a bond which was linked to the performance of the stock market. He was satisfied as this investment would guarantee the return of his capital at the end of a 5 year term.
However, Matthew required the money he had invested after less than 12 months as he had always planned to buy other properties to renovate and sell at a profit. When he cashed in his investment he had lost £2,300.
We sent our claim to RBS pointing out that Mr Tonge should not have been advised to invest into the bond as it was clear that he would not be able to invest for the 5 year term. The financial adviser did not take into account what Matthew wanted to do with his money.
After investigating our claim RBS agreed and paid Mr Tonge £4,500.Read more
Mr Riley had taken early retirement and received a lump sum which he was happy to leave in a savings account. He was encouraged to see a financial adviser from CIS to discuss his finances and they met at Mr Riley’s home.
Mr Riley and his wife had never invested money before but were advised to invest a total of £20,000 into a Stocks and Shares ISA and Unit Trusts within the UK Growth Fund. After only 3 ½ years the value of the investment had fallen significantly and when cashed in the couple lost almost £6,000.
We sent our claim to Royal London explaining that Mr & Mrs Riley should not have been advised to invest their money as he was retired and therefore taking risk with their money was wrong.
Royal London investigated this claim and agreed with Goodwin Barrett. This resulted in a payment to Mr & Mrs Riley of £14,286.Read more
After inheriting some money from a member of his family Kevin decided to take advice from his bank about investing it wisely.
Kevin had no previous experience of investing into stocks and shares and had limited savings at the time. He also had an outstanding mortgage. Despite this he was advised to invest £5,000 into a risky Stocks and Shares ISA by his financial adviser at Lloyds bank. He lost £550 when he cashed it in.
We made a claim on behalf of Kevin for a mis-sold investment and got him back £3,489 within a matter of weeks.Read more
Mr Edgar had saved a lump sum which he held in a deposit account. He was encouraged to see a financial adviser from Halifax to discuss the best place to hold this money.
Mr Edgar had never invested before and was worried about taking risks with his money and investing in Stocks and Shares. Despite this he was advised to invest £25,000 into a Guaranteed Investment Plan as, although it invested in Stocks and Shares, it guaranteed the return of his £25,000 at the end of a 5 year term if the Stock Market fell. After waiting patiently for 5 years the value of his maturing investment was just £25,247.92 – not even making 1%. This was due to the financial crisis and credit crunch which occurred in 2008 – right in the middle of Mr Edgar’s investment.
We sent our claim to Halifax explaining that Mr Edgar should not have been advised to invest this much money into a product which could have earned nothing after 5 years, particularly as a first time investor. We directed Halifax to pay Mr Edgar what he could have earned if he kept his money in cash and add interest to this from when the investment matured in 2010.
Halifax investigated this claim and agreed with Goodwin Barrett. Even though Mr Edgar made a small gain of less than £250 our claim resulted in a payment to him of £12,059.Read more
In December 2006 Louise had recently given birth and was not working as she was looking after her family. Louise had built up some savings and wanted her money to be in the best place to provide for the family in future. As such, she agreed to meet a financial adviser from Halifax to discuss her options.
She was advised to invest a lump sum of £7,000 which was the maximum that could be placed into a Stocks and Shares ISA. When she transferred the ISA less than 3 years later the value was only £6,684 meaning she had lost almost 5% of her money. Clearly, the plans she had made would not happen if she continued to lose money at this rate.
Louise asked Goodwin Barrett for our help and when we investigated her case we discovered she had been advised to invest into funds which were much too risky for someone in her situation. We sent our claim to Halifax explaining that Louise should not have been advised to take this level of risk with her savings.
Halifax looked into the advice given to Louise and agreed that it was not suitable for her at that time. We asked Halifax to refund the money lost and calculate what returns could have been achieved if Louise had invested in a more appropriate area. This resulted in a pay out of £1,557.Read more
In May 2008 Russell had managed to accumulate a lump sum from his work in the Emergency Services by saving regularly from his salary. He agreed to meet with a financial adviser to discuss the various options he had for these savings.
Russell was advised to invest a lump sum of £7,200 which was the maximum that could be placed into a Stocks and Shares ISA at the time. Despite having no investment experience he was recommended to invest this significant amount the first time he met with the adviser, without being able to take time to think about the fact he was taking risks with the money he had carefully built up over a period of time. By the time he had time to reflect on his decision just 9 months later he had lost nearly £1,750.
After hearing our radio advert Russell contacted Goodwin Barrett and we discovered he had been advised to invest into funds which were much too high in risk for someone having never invested before – particularly having been encouraged to sign up straight away. We sent our claim to Halifax explaining that Russell should not have been advised to take this level of risk with his savings.
Halifax investigated the advice they had given to Russell over 10 years previously and agreed that it was not suitable for him at that time. They refunded the money he lost and paid him what he may have got had the advice been correct. In addition interest was added for the time he was without access to his money which resulted in a payment to Russell of £2,633.Read more
In March 2002 Ken had accumulated a lump sum and had agreed with a friend’s suggestion to meet with an Independent Financial Adviser to discuss the various options he had for these funds.
Ken was advised to invest a lump sum of £10,000 into an Investment Bond with Clerical Medical. Because Independent Financial Advisers can recommend investments from any provider, he was happy to agree to this, convinced the adviser would have done thorough research before giving any advice to him. Due to unforeseen circumstances Ken had to access his investment about 2 ½ years later and received back the amount of £10,575, making a small gain on his initial investment. This would have been more but for a penalty he had to pay on encashment.
Ken spoke to Goodwin Barrett and discussed his personal and financial circumstances when he invested. It was clear that the adviser had recommended Ken to invest too much of his money, requiring the investment to be surrendered early and paying a costly penalty for doing so. Goodwin Barrett compiled a Letter of Claim and sent it to Sesame, the IFA network which represented the adviser. We told them we believed Ken invested too much of his money and also took unnecessary risks.
Sesame agreed and paid Ken £1,315 even though he had made a gain on his investment. This covered what Ken could have earned had he not invested, together with interest going back to when the investment finished in 2004.Read more
In 1998 Terace’s father died and left her with a small inheritance. She put this money into her NatWest account and she was then invited to speak with a Financial Adviser to discuss what she could potentially do with it.
Terace was advised to invest a lump sum of £6,000 into an ISA in the Safeguard Trust. She didn’t want to touch this money and left it in place for over 10 years. She eventually surrendered the investment in 2010 when the value had grown to £7,091.
Terace listened to our advertisement on the radio and decided to get in touch with Goodwin Barrett about the investment she had previously held. We discussed Terace’s personal and financial circumstances when she invested and believed that Terace had been wrongly advised.
Although the Safeguard Trust was a low risk investment which was suitable for first time investors it was clear that the adviser had recommended Terace to invest too much of her money. In addition to this she was still grieving over the loss of her father and in an emotionally vulnerable state. It is sensible to make recommendations to potential investors only when they have overcome significant and traumatic events and Terace was advised to invest too soon after her loss.
Goodwin Barrett wrote a Letter of Claim to NatWest making the above points. Even though the investment grew by over £1,000 we requested that NatWest should calculate what Terace could have received if she had not invested into her ISA and pay interest from the time the ISA was surrendered.
NatWest agreed they had given unsuitable advice to Terace and paid her a total of £4,663 in line with Goodwin Barrett’s instructions.Read more
In 1999 Adrian was not working as he was looking after his family at home. He had built up a lump sum in his account at Woolwich and was persuaded to meet with a Financial Adviser to discuss the various options he might have for his money.
Adrian was advised to invest into a With Profit Bond with Prudential as this could provide him with a monthly income. This seemed a good idea as he was not working and wanted to invest £30,000. The Woolwich adviser talked him into investing a further £2,000 taking the amount to £32,000. A couple of years later in 2001 he met with the adviser again who suggested he added to his bond. Adrian felt he could commit to a further £8,000 but was once again encouraged to increase the amount to £12,000. By the time Adrian closed the investment in 2005 he had got back over £49,000 taking into account the income that was paid out to him. Adrian heard Goodwin Barrett’s ad on the radio and contacted us to see if we could help even though it seemed he had a reasonable return.
We discussed Adrian’s personal and financial circumstances when he invested and believed that he had been wrongly advised. Although the Prudential With Profit Bond was a low risk investment which was suitable for first time investors it was clear that the adviser had recommended Adrian to invest too much of his money. This was particularly the case because he wasn’t working at the time and he should have kept more money outside the investment in case he needed to access cash.
We contacted Barclays, who bought Woolwich and are responsible for their advice, and explained why we felt Adrian was advised wrongly. Barclays agreed and admitted Adrian should have invested half the amount he did on both occasions. As such Barclays agreed to pay Adrian £890 calculated in accordance with the regulatory guidelines.Read more
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