complaint about ifa

whiteflag_3

Dooooooooooooooonut wrote: »

Well the second edition of Irrational Exuberance (for example) would have been out way before then but I am not an unreasonable person; manias and bubbles are always more clear after the event. My problem remains with the idea that an IFA has any investment expertise at all. They should not be giving advice on investment; really I think they would be best as a kind of human dictionary. That I wouldn't have a problem with.

so are you suggesting that IFAs should just stick to the planning and product / tax advice and pass "contract out" any any investment element to a third party?

Kavanne

OP, I followed the advice of my IFA, looking for a fund to provide growth and an income for me. It has lost 25% of it's value since I started 2 yrs ago.... am I happy? no. Investments are long term so yes, there's a downturn now, but you have to have a little faith here

Unless you have lost ALL of your money... in that case... well... lol.

westy69

OK so now you found that the FOS reckons i should have surrendered the funds 12 mths ago when i made the complaint which is part of the reason he reckons i should only recive a % of the loss i made in the first year!! :sad:

EdInvestor

westy69 wrote: »

OK so now you found that the FOS reckons i should have surrendered the funds 12 mths ago when i made the complaint which is part of the reason he reckons i should only recive a % of the loss i made in the first year!! :sad:

Do you mean surrender the funds (ie the property funds) or surrender the entire investment bond?

westy69

he hasnt made that clear at this point i'm assuming all of it but i will be writing back to him asking for a clear explanation.

lb15_2

Can anyone tell me how I can go about appealing against the Ombudsman decision?About three years ago, I incurred £90 charges over a two month period. I complained and within 2 months, I received a credit of £900. When I telephoned Barclays, I was informed that they had awarded me "payment of goodwill, for the amount that I was seeking." (£90!). A year later, I decide to reclaim bank charges for the last six years. I was told that I had been credited all of the six years of £900. My total banck charges was £4,800. This resulted in letter writing from myself to Barclays over a three year period. The Ombudsman decided that Barclays had acted fairly. I even wrote to and received a reply from Marcus Agius, Chairman of Barclays, but to no joy. My last letter today from the Customer Relations Manager, Piers Norman said:" You have already referred matters to the Financial Ombudsman Service, and they have passed their ruling on your case and provided you with their response to your complaint. As a result, I must advise you that we are not prepared to enter into any further correspondence or dialogue on this matter."My argument in all this, is that their letter did not state that the £900 was for six years. It merely stated this is the amount "that I am seeking." Further letters from various Barclays personnel were very contradictory, with even one apologizing that Barclays "assumed" that I was referring to the last six years. They also seemed to have lost copies of some of my original letters (which I have copies of). Unfortunately, I really do not want to see this dismissed as the whole episode has left me extremely frustrated. I really want to take this further in any way that I can. Would it be easier to go for a judicial review? I have heard it is a costly process, but is there any other cheaper way that I can take Barclays to court?

Aegis

lb15 wrote: »

Can anyone tell me how I can go about appealing against the Ombudsman decision?About three years ago, I incurred £90 charges over a two month period. I complained and within 2 months, I received a credit of £900. When I telephoned Barclays, I was informed that they had awarded me "payment of goodwill, for the amount that I was seeking." (£90!). A year later, I decide to reclaim bank charges for the last six years. I was told that I had been credited all of the six years of £900. My total banck charges was £4,800. This resulted in letter writing from myself to Barclays over a three year period. The Ombudsman decided that Barclays had acted fairly. I even wrote to and received a reply from Marcus Agius, Chairman of Barclays, but to no joy. My last letter today from the Customer Relations Manager, Piers Norman said:" You have already referred matters to the Financial Ombudsman Service, and they have passed their ruling on your case and provided you with their response to your complaint. As a result, I must advise you that we are not prepared to enter into any further correspondence or dialogue on this matter."My argument in all this, is that their letter did not state that the £900 was for six years. It merely stated this is the amount "that I am seeking." Further letters from various Barclays personnel were very contradictory, with even one apologizing that Barclays "assumed" that I was referring to the last six years. They also seemed to have lost copies of some of my original letters (which I have copies of). Unfortunately, I really do not want to see this dismissed as the whole episode has left me extremely frustrated. I really want to take this further in any way that I can. Would it be easier to go for a judicial review? I have heard it is a costly process, but is there any other cheaper way that I can take Barclays to court?

My guess is that you're out of luck. If the Ombudsman has ruled that Barclays acted fairly, chances are that the courts will rule the same way, which will leave you with a huge legal bill on top of everything else. Your only real hope is that the OFT rules that all charges should have been capped at a fixed amount when it gains the right to decide if bank charges are fair.

How on earth did you build up nearly £5k in charges though? Did you not think to stop doing whatever was causing it after the first thousand or so?

lb15_2

Thank you for your advice. 5K was built up due to bad financial management on my part. Stuff happens, what can I tell you. Anyway, I have decided I will be pursuing the case through the courts. Luck of the draw, but I am sure it will be good news on my part.