Has Anyone Raised Negligence Claim Against IFA Yet ?

  • Mrs Not Too Happy
  • 12/10/08 31/05/09
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Posted: Wed, 04/02/2009 - 10:01

I am about to take legal advice with a view to raising action against IFA. If anyone else is down this road I would be interested to hear what progress they have made.

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We need to let the Ombudsman and TSC know

  • barnie
  • 19/10/08 31/03/10
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  • Wed, 04/02/2009 - 11:35

Some amongst us have started proceedings but I am sure there are many more like myself and Thurlo (below) who are waiting to see just how much we have lost.

At the Treasury Select Committee hearing yesterday the question was raised 'has the Financial Ombudsman received many complaints about IFA advice regarding this matter?'
I cannot recall the exact wording of the reply but it was something like 'a few'.
I wonder if the committee would have pursued this matter a little more if the answer had been 'fifty' or 'a hundred'.

We need to let both the Ombudsman and the TSC know that there are many of us about to start proceedings so that they take the matter more seriously.

I will be writing to both to let them know that I will lodge a complaint as soon as I know what my loss is. I suggest all others in this position do so as well.


Barnie.......

  • TheThurloSquire
  • 10/10/08 31/05/09
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  • Wed, 04/02/2009 - 11:40

........do you know the addresses we should write to?

Thurlo


adresses

  • barnie
  • 19/10/08 31/03/10
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  • Wed, 04/02/2009 - 12:48

Ombudsman:

The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR

e-mail: complaint [dot] info(?)financial-ombudsman [dot] org [dot] uk

TSC:

Banking Crisis
Treasury Committee
7 Millbank
House of Commons
London
SW1P 3JA

e-mail: bankingcrisis(?)parliament [dot] uk

Might even try John Mcfall: john [dot] mcfall(?)blueyonder [dot] co [dot] uk


IFA Complaints and The Ombudsman

  • grapow
  • 20/10/08 31/05/09
  • unspecified
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  • Wed, 04/02/2009 - 14:35

I work in (General/Non-Life/Investment) Insurance and I know that before the Ombudsman will consider a claim you have to have a "final decision" from your IFA via the CEO or similar. Really no point writing to FOS until you have this. I hope this helps, good luck.


Negligence claim against IFA

  • sami
  • 10/10/08 31/05/09
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  • Wed, 04/02/2009 - 10:53

I have recently been advised informally that I have a strong case, but I have baulked at the cost of legal fees. The firm want a substantial amount to review papers. I'm currently thinking it through. The informal advice and the law firm are two separate entities, so I'm very unsure about proceeding with it.

I feel at the moment that we have many possible claims, such as FSC, FSA, IFA. The FSC and FSA require large budgets to sue - therefore I feel we can only do it as a group.


Negligence claim against IFA

  • TheThurloSquire
  • 10/10/08 31/05/09
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  • Wed, 04/02/2009 - 11:19

Sami

I have been holding back on taking any legal advice pending the final outcome so that at least I know for sure how much I have lost. I genuinely believe I should not have been advised to go into an offshore bond as the paperwork I hold and signed states the funds needed to be 100% secure. Previously we had held the money in a UK Bank for over 12 months and given what I now know about the lack of protection for bonds and the increased risk Banking offshore then this product should not have been advised to me.

I agree that the best form of legal action will be as a collaberative group but I am not sure the timing is right at this stage. In due course when more information unfolds then I would be very happy to join in such a group.

Thurlo


IFA action

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
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  • Wed, 04/02/2009 - 10:48

Dear Mrs N-T-H,
Have now handed over my complaint to the Finacial Ombudsman for arbitration. The IFA's firm, finally, claimed that they were not liable - the adviser himself conducted the investigation! I strongly disagree with their conclusion outside of the fact that it was not an objective, independent investigation. The Ombudsman should report it's findings within the next 6 months.
There is forum within DAG that focuses on IFA complaints. I suggest that you should join it and read the various posts. Good luck on pursuing your rascal (intentionally polite term for him/her)/