Mis-Sold Open Ended Investment Company
Open Ended Investment Companies (OIECs) have been very popular in the last 10 years because of the flexibility and choice they provide. OEICs allow individual investors to pool their money together if they have smaller amounts to invest. This enables them to acquire assets in a much wider range of areas, lowering the risk involved by creating diversification.
Open Ended Investment Companies can still be very risky and were often mis-sold. An adviser recommending an OIEC investment should make sure any potential investor is aware of all the risks involved, as well as ensuring the assets are chosen to match the individual’s personal attitude to risk.
Have you been mis-sold an Open Ended Investment Company?
OEIC investments should be seen as an investment to hold for at least five years because of the risks attached to them. Unfortunately, the volatility that has affected the world markets over the last two decades has led to many investors losing a large percentage of their money in these products – and if your adviser did not take external factors like these into account, you may have been mis-sold an Open Ended Investment Company.
Open Ended Investment Company mis-selling also occurs when the investor is not made aware of any additional charges they may accrue. For instance, OEICs incur initial fees and ongoing management charges which can significantly impact the performance of a fund, and can be as high as 6% of the initial investment value.
If you lost money unfairly as a result of Open Ended Investment Company mis-selling, you could be entitled to a claim. If the investment has ended, don’t worry: the claim may still be valid.
Claiming for a mis-sold Open Ended Investment Company
Consider these points carefully to see if you may have a claim:
- Were your personal and financial circumstances properly considered at the time you made the agreement?
- Were there any provisions for future difficulties?
- Were you advised to put all your savings into an OEIC?
- Did your capital decrease unexpectedly?
At Goodwin Barrett, we know exactly how Open Ended Investment Companies have been mis-sold over the years, and we’ll be able to tell you over the phone if you’ve been a victim of mis-selling. If you’re eligible to make a claim, we can help you get your money back.
To claim compensation or to ask for some advice on mis-sold Open Ended Investment Companies, call one of our experts on 0808 163 1659, email firstname.lastname@example.org or fill out our call back box, and we’ll get in touch promptly.
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After sending a report to Santander, they agreed with our findings and awarded Mr Snowden an amount of £7,000 made up from a refund of the losses together with interest and compensation.
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We reported our findings to Halifax and within a matter of weeks had secured our client the sum of £26,700 in compensation.
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Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,000.