rbs stocks isa plan to complain

ard123en

hi folks

I have lost like most people on the stocks ISAs atm but I plan to complain to rbs on monday

I understand that the value of the fund can go up and down due to the markets

but its the bank miss-managment of its own affairs that have caused the markets to fall so I feel that that they should at the very least refund the managment fees as they have not done a very good job from what I can see

will report back if anyone is interested in what they say

Trollfever

Complain to your MP.

Kavanne

boohoo my Halifax stocks and shares isa has plummetted too but you knew what you were signing up for.

keith1966

best of luck, i bought rbs when they cost £6 and have lost £000's, I also bought into the rights issue at £2 when they were technically insolvent but chose to not disclose the fact. The stock market is bent and big business do little to help honest working investors. The regulation was non existent and is a disgrace.

dunstonh

Predictable outcome this one.

Still, it will give a complaints handler a bit of a laugh from the usual monotony of complaints.

Aegis

ard123en wrote: »

hi folks

I have lost like most people on the stocks ISAs atm but I plan to complain to rbs on monday

I understand that the value of the fund can go up and down due to the markets

but its the bank miss-managment of its own affairs that have caused the markets to fall so I feel that that they should at the very least refund the managment fees as they have not done a very good job from what I can see

will report back if anyone is interested in what they say

Sorry, but you haven't got a chance. All investment products with an element of risk will clearly state such in the Key Facts document. You have no grounds to complain just because the value has gone down.

turbobob

ard123en wrote: »

but its the bank miss-managment of its own affairs that have caused the markets to fall so I feel that that they should at the very least refund the managment fees as they have not done a very good job from what I can see

You'd do just as well to write to Gordon Brown and ask him to compensate you for your fund going down. The markets have not fallen as a result of one banks actions. You're probably right in that most bank funds do not do much to earn their fees, but this is not a complaint that will be upheld.

bubblesmoney

a retired QC has filed a court case against RBS in small claims court saying that RBS misrepresented their true position when they sold him their rights issue. his argument is that they will legally obliged to give all info affecting the investment decision, but they deliberately hid their disastrous finances at the time of the rights issue and hence he says he is due for a refund. the case is in court, but RBS is playing games saying the case should be thrown out of court (not because it is without merit) but because it is too complicated for the court to handle!!!!

dont know how the case is progressing. does anyone have any updates on this case. would be an interesting legal precedent if the QC succeeds. i hope he does. that would put a spanner in the works for all the scam artists that misrepresent at the time of rights issues of shares. why the !!!! didnt the FSA bring this case rather than the retired QC, probably they didnt because they were busy burying their heads up the backsides of the big banks where their next job post retirement would be for big bucks consultation jobs / as advisors for the same banks post retirement.

bubblesmoney

ard123en wrote: »

hi folks

I have lost like most people on the stocks ISAs atm but I plan to complain to rbs on monday

I understand that the value of the fund can go up and down due to the markets

but its the bank miss-managment of its own affairs that have caused the markets to fall so I feel that that they should at the very least refund the managment fees as they have not done a very good job from what I can see

will report back if anyone is interested in what they say

what type of stocks ISA was it. since it was managed by RBS, were any rights issues of RBS bought via the stocks ISA. if so then probably you can use the same arguments as the QC in his case against RBS!

wonder why MSE hasnt started a campaign like the bank charges campaign, wonder why they havent started a RBS rights issue mis-selling campaign! the rights issues were clear cases of mis-selling as the bank should have disclosed its true toxic assets so that shares could be properly assessed by buyers

dunstonh

since it was managed by RBS

It was not managed by RBS "bank" but the unit trust company. Same logo but different company. They wouldnt know what the bank was doing in the board room.