How has she got away with this?

butlali

I'm wondering if anyone has any ideas as to how I can get my money back.
I paid some of ny mortgage off and was looking to save the extra cash so I went for a review at the bank. I said I didn't want anything to do with stocks and shares. I already had a guaranteed reserve and felt that I could put so much in another one of those and I chose a savings account. When my paperwork came though the post I had a stocks and shares ISA, which I cancelled straight away, and a guaranteed bond which does not give a set amount of interest from the offset like a guaranteed reserve because it is linked to the stock market. In four years time I am guaranteed to get back what I put in and maybe interest rates will have gone up and I may gain something but this isn't what I wanted, I clearly said I didn't want stocks and shares and she let me leave her office thinking my savings were going into the accounts I'd agreed to. How has she got away with putting my money somewhere different . The bank says that I can't have my money back unless I cash in the bond and incur a loss even though I have told them it has been forced on me and This is not what I wanted. I even went into another bank to see if they could do anything thinking that they might help if they thought they were getting extra business but they couldn't. I am not a rich person so the few savings I have I want to make the most of without risking them but I feel as though the bank is holding my money to ransom. Can anyone help, I'd be very greatful:j .

dunstonh

Banks employ salesforces so you should expect a sales type approach when you see them for advice. In other words, never get financial advice from a bank.

However, you do tend to find that they are quite good at documenting what they are doing nowadays. They often put you in rubbish products or not the most suitable but they tend to make it waterproof on how they document it. It could also be that you are not quite aware of what you have and how you presented that information and how it was presented back.

Guaranteed equity bonds are not invested in the stockmarket. The rate of return is based on the FTSE but its not actually invested in FTSE. Plus, there are capital guarantees. So, it could be very easy for that to match your criteria.

Stocks and Share ISAs do not need to invest in stocks and shares. You dont actually say what it was that it was invested in but it could also have been a guaranteed equity bond or guaranteed fund or similar.

Looking at the process, its actually very difficult to understand how you managed to sign up for these investments and not realise what it was that you were buying. So, whilst guessing there would be a pressure sales technique, the sales rep couldnt avoid things like a personal illustration and key features document being issued (copy illustrations would also be followed up in the post direct from the provider with the cancellation rights). Why didnt you cancel during the cancellation period?

You would also have got a suitability report (often you have to sign these with some of the banks). That has to have a product explanation and risk profile mentioned and all the standard risk warnings. That has to be issued within the cancellation period to allow you to read it and cancel if you dont agree with it. What does that say and why didnt you cancel after reading that?

opinions4u

butlali wrote: »

As I have already said, I chose the accounts I wanted my money in and when my paperwork came through the post it was for two completely different things.

Have you formally complained? Here's a nice link to help you to.

There's no need to be patronising, anyone can fall foul to a con, even you.

There was nothing patronising in the reply you got. Lots of fact, a little bit of opinion.

You don't appear to have "listened to" (read) what has been said. Which may explain why you appear to have signed up for something you didn't want.

For example you haven't replied to:

You would also have got a suitability report (often you have to sign these with some of the banks). That has to have a product explanation and risk profile mentioned and all the standard risk warnings. That has to be issued within the cancellation period to allow you to read it and cancel if you dont agree with it. What does that say and why didnt you cancel after reading that?

RayWolfe

Oh dear! It does appear that you don't listen, even when people go out of their way to help you. Perhaps you are the author of your own misfortune.

Milarky

butlali wrote: »

I don't know why I've bothered. I have already explained what has happened and none of you have offered any advice as to how I can get my money back, which is what I originally asked. It's all just a waste of time isn't it.

As someone once said to me: "You can't always believe everything the client tells you" [go figure]

As already explained by dunstonh, you can't have agreed to this sale without passing several 'goes'. Assuming the standards have not been met then the way to get your money back is to present a complaint to the bank pointing out that you didn't, in fact, receive your cancellation/cooling off documents before the sale was confirmed. No one seeks to patronise, but an apparent inability to engage with the sensible points made - in a polite and sensible manner - suggests you can't 'benefit' from this advice either...

garthdp

....you just cant help some people!

nrsql

Milarky wrote: »

As someone once said to me: "You can't always believe everything the client tells you" [go figure]

As already explained by dunstonh, you can't have agreed to this sale without passing several 'goes'. Assuming the standards have not been met then the way to get your money back is to present a complaint to the bank pointing out that you didn't, in fact, receive your cancellation/cooling off documents before the sale was confirmed. No one seeks to patronise, but an apparent inability to engage with the sensible points made - in a polite and sensible manner - suggests you can't 'benefit' from this advice either...

Actually Dunstoh was saying what should have happened. The OP hasn't confirmed that this is what actually did happen (in fact I thought the opposite).
If they didn't go through the correct procedures I suspect the OP has a case for cancelling the deal.

StevieJ

nrsql wrote: »

Actually Dunstoh was saying what should have happened. The OP hasn't confirmed that this is what actually did happen (in fact I thought the opposite).
If they didn't go through the correct procedures I suspect the OP has a case for cancelling the deal.

Correct, but if I was a gambling man I would bet that all the papers are signed and hunky dory.

FraudBuster

Please let us know how you get on with the Bank's complaints procedures.

opinions4u

I don't know why I've bothered. I have already explained what has happened and none of you have offered any advice as to how I can get my money back, which is what I originally asked. It's all just a waste of time isn't it.

Okay, I'll try again.

Have you formally complained? Here's a nice link to help you to.

Oblivion

opinions4u wrote: »

Okay, I'll try again.

Have you formally complained? Here's a nice link to help you to.

I suspect you're wasting your time. Some folk just seem to revel in being 'victims' and prefer to wallow in their self-made misfortunes rather than listen to sensible advice.

Dave.