How Wentworth Andrews Can Help You with Your Missold Investments

At last count, a staggering 1.3 million UK adults claim to have been offered improper investment advice at some point in their lives. Of these individuals, a further 16% admit to buying into missold pension products over the past year alone.

For thousands of retirees in the country who’ve spent years putting away a small portion of their savings to invest in pension schemes, the impact of these unscrupulous selling practices can’t be overstated.  From lost benefits, to lower than promised returns, high administration fees and lengthy maturity terms that far outlast the retirement age; pensioners all over the UK have fallen victim to the unsuitable recommendations offered by IFAs.

The unethical services offered by these financial advisers, fly in the face of strict qualification and competency standards established by the FCA (Financial Conduct Authority). Generally these regulatory standards state that the advice offered to investors should be, “clear, fair and not misleading”, and that any recommendations must be suited to the client’s investment profile.

To ensure this, IFAs have a duty to account for:

• The consumer’s existing investments, market experience and current financial circumstances
• Their ability to take risks and bear investment losses
• The long-term aims of their investment
• The age and occupation of the client
• The complexity and risk profile of the recommended investment

Despite these constraints, retirees on limited incomes were sold extremely high-risk, complex investments off the back of misrepresented promises, time and time again.

Just because your investment didn’t make a loss, doesn’t mean that you weren’t sold an unsuitable investment. The judgment on suitability is based on the promises you were made, versus the actual risks involved in the investment.

If you feel that you were sold on an investment that you weren’t fully informed about then you always have the option of making a complaint. The first thing you need to do is gather all relevant documentation and submit a written complaint to IFA , through the firm’s internal complaints process.  Include all relevant policy numbers, photocopied evidence and a timeline of events to clearly communicate your case.

If you don’t receive a satisfactory reply within 8 weeks you now have the option to go directly to the Financial Ombudsmen Service (FOS). This independent body established by the UK parliament, adjudicate on complaints between UK-based financial companies and their customers, when a satisfactory internal resolution isn’t reached.

The FOS has a broad range of powers which covers investigating suspect financial activity, to adjudicating disputes between customers and companies, all the way to deciding compensation. Unlike the courts, the FOS will decide cases based on the fairness of the company’s actions, rather than the legality of the situation. The FOS is also free to use, and far cheaper than the regular court system.

Unfortunately, even the FOS can’t provide any guarantee that you’ll win your case. Additionally they might stretch out your resolution for anywhere up to nine months, based on the complexity of the circumstances.

To navigate through the minefield of issues involved in a compensation claim, you need an experienced partner by your side to argue your case with the best possible information at hand. At Wentworth Andrews, that’s our primary function.  We have years of experience working with the companies who decide on whether you are eligible for compensation.

Whether you’re missing paperwork, or you’re struggling with the particulars of your policy our team can help you get to the bottom of complex financial language and sort out the truth from the facts. From contacting relevant parties, to arguing your case in front of regulatory bodies we’ll provide the insider expertise required to win claims against unethical financial advisors.

If you have a missold investment you’d like to talk to us about then feel free to contact us today, at Wentworth Andrews.