Individual Savings Accounts (ISAs) have been a popular way to help people invest since they first became available in 1999. ISAs are provided by all major high street banks and can be used to save cash or invest in stocks and shares without the penalty of either income tax or capital gains tax.
The main issue is that you might have been led to believe that both cash ISAs, and stocks and shares ISAs, are identical. You might have been led to think that they have the same level of risk. This is not the case.
Stocks and shares ISAs aren’t always a bad idea. If they suit your needs, they can be a good way to invest your savings. They allow you to invest your funds into stocks and shares which are wrapped up in a tax-efficient savings account. A cash ISA, on the other hand, is simply a savings account, and therefore carries less risk. The problem with stocks and shares ISAs arises when the risk isn’t properly explained to you, and is mis-sold as a result.
Were you mis-sold an ISA investment?
Stocks and shares ISAs (sometimes called NISAs) certainly carry more risk than cash ISAs, but this isn’t always made clear, leading to confusion and anger should you get back much less than you invested. Stocks and shares ISAs aren’t dangerous – they can often flourish and provide you with a great return – but the level of risk should always be agreed between both you and your adviser and fully explained from the outset.
You might have been mis-sold a stocks and shares ISA if, at the point of purchase, your adviser did not take into account:
- Your financial situation, including existing investments and experience in this area
- Your understanding of how a stocks and shares ISA differs from a cash ISA, specifically the associated risk
- Your attitude to risk and how you would be affected by a significant loss in investment
- Your future plans for the investment
- Any unique circumstances that could affect your financial status
- The investment’s complexity and potential risk
If you did not receive any of this information pre-sale or if it was unclear and misleading then you may well have been mis-sold an ISA.
Claiming on a mis-sold ISA Investment
At Goodwin Barrett we have many years experience assisting clients who have been misled in some way while taking out a stocks and shares ISA. We can advise how to go about your claim or even make it on your behalf, leaving you free to go about your business without the hassle of having to complete complicated forms. Our success rates are very high too, with countless customers getting their money back thanks to our expert guidance.
If you would like more information about how we can help you to reclaim some of your investment from a mis-sold ISA investment, or to simply talk through your situation, call our friendly team of experts on 0808 163 1659, email firstname.lastname@example.org or enter your details into our handy call back box and we’ll get back to you straight away.
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Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,000.