Compliant against Wills & Co

spykes

I made a complaint to the Financial Ombudsman in about June of last year.
My complaint was against the company Wills & Co, who I believe mis-sold me shares in a company called Trixter. I paid just over £4,410 for 30,000 in Jan 04. Having bought shares with this company before (and subsequently lost money) I knew that the shares were deemed reasonably risky, but my complaint is that I was never told I would not be able to sell them. I found out the bad news when I tried to do so. I contacted the company in writing and they basically said - TOUGH!!
I then wrote to the Financial Ombudsman and after about 10 months I was informed that my case was being dealt with. I now have 2 choices:

1. To be happy with their offer of compensation based on the AIM market (at today's prices) about £2,200 when obviously at the time of complaint this figure would be well over the £5,000 mark, similarly to when originally mis-sold the shares, or:
2. Say no, I want it looked at further by another (presumably more experienced assessor) and risk him siding on behalf of the company and receiving, at worst, nothing.

I should point out that the financial ombudsman agreed that they had mis sold them, as they had a vested interest in the company. And that I should get my money back with interest. I should also mention that the company cant retrive any phone evidence that they told me that fact.

gozomark

are you able to sell the shares now ?

dreamypuma

spykes wrote: »

I made a complaint to the Financial Ombudsman in about June of last year.
My complaint was against the company Wills & Co, who I believe mis-sold me shares in a company called Trixter. I paid just over £4,410 for 30,000 in Jan 04. Having bought shares with this company before (and subsequently lost money) I knew that the shares were deemed reasonably risky, but my complaint is that I was never told I would not be able to sell them. I found out the bad news when I tried to do so. I contacted the company in writing and they basically said - TOUGH!!
I then wrote to the Financial Ombudsman and after about 10 months I was informed that my case was being dealt with. I now have 2 choices:

1. To be happy with their offer of compensation based on the AIM market (at today's prices) about £2,200 when obviously at the time of complaint this figure would be well over the £5,000 mark, similarly to when originally mis-sold the shares, or:
2. Say no, I want it looked at further by another (presumably more experienced assessor) and risk him siding on behalf of the company and receiving, at worst, nothing.

I should point out that the financial ombudsman agreed that they had mis sold them, as they had a vested interest in the company. And that I should get my money back with interest. I should also mention that the company cant retrive any phone evidence that they told me that fact.

Will's & Co, were they previiously known as Graham H Wills?

spykes

No, the shares are on something called the 535x market which is a trading platform. (means npthing to me) I was never told of this point otherwise would hav estayed well clear.

spykes

Yes I believe they were think thats what they were called when they 1st started to ring me. Only remember as they were in my phone as GHW and am using that phone again.
Why ask dreamypuma?

gozomark

if you can't sell them, why accept their compensation offer based off a market price ?

maypole

I think a company called "trixter" would ring alarm bells with me:eek:

spykes

exactly, dont see as it being relevant. I originally complained in June 07 when markets were high. I d have accepted based on that. :-)

spykes

Im ROFL maypole

dreamypuma

spykes wrote: »

Yes I believe they were think thats what they were called when they 1st started to ring me. Only remember as they were in my phone as GHW and am using that phone again.
Why ask dreamypuma?

I don't want to go into too much detail, however I have had previous dealings with GHW. I was involved in an start-up which GHW brought to market on OFEX.

I personally wouldn't deal with them again.