Peter Butler from Truro got back £1147 from Barclays
Peter had been through some difficult personal times and in 1999 he wanted to put some money away on a monthly basis to build a lump sum for his children. He decided to seek advice from the Woolwich where he had an account and was introduced to a Financial Adviser in order to discuss the various options he might have.
Peter was advised to invest £50 per month into a Stocks and Shares ISA and this seemed a good idea as it was affordable to him. He paid his first £50 contribution in May 1999 and continued this until October 2002. The adviser had recommended that the investment remain in place for a term of 5 years or longer so he waited until February 2004 to cash in the investment. After investing a total of £2100 Peter got back just £1849 to pass on to his children. Peter heard Goodwin Barrett’s ad on the radio and got in touch. We discussed his personal and financial circumstances when he invested and it was clear to us he had been wrongly advised. Although a Stocks and Shares ISA can be a tax efficient investment for many people, it is important that the correct level of risk is taken. Peter was advised to invest into the International Managed Fund which is a very risky fund containing shares around the world.
We submitted a claim for compensation to Barclays, who took over Woolwich and are responsible for the advice. We argued that our client was advised to take too much risk, particularly for a first time investor. Barclays agreed with our findings and agreed to pay £1147 to cover the money Peter lost with additional interest.
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