IFA paperwork query - help needed!

Buns_Mum

Hi
Not sure if this is the right board but I've got a quick query. Do I have the right to see my file from my IFA? They have 'advised' me regarding an investment which have failed badly. I only ever remember them saying how brilliant the investment was and they never mentioned any downsides. In fact I was the one that contacted them to say the company I'd invested in had gone into administration! I'm not sure what paperwork they have to complete at their end on how I was advised etc or even if they have to do anything at all.
I'd be grateful for any advice.
Thanks in advance.

Reaper

The company involved wasn't Arch Cru was it? If it was see this thread.

In fact see that thread anyway because it explains how to go about making a complaint.

Note that you can't complain just because your investment has done badly, only if they did not give you something suitable.

For example you asked for a low risk investment and they gave you high risk. However if they gave you low risk and it went bust anyway that is just bad luck.

They should have records of what you asked for and you would have signed something confirming it. I see no reason why they would not let you see it. They would have to disclose it anyway if it went as far as an official complaint.

Buns_Mum

Thankfully not Arch Cru! The IFA has made several mistakes on top of bad advice. As long as everything is going well then they're constantly in touch but as soon as it goes bad then they go into hiding and are very elusive. They're a bit scatty at the best of times! I'll follow the complaint route and see what happens; should give me something to do over Christmas! If I want to change IFA do they have to hand over any records to the new person?

jem16

Buns_Mum wrote: »

If I want to change IFA do they have to hand over any records to the new person?

It's normal for the IFA to send you a Suitability Report when you begin to do business with them. This reports details exaclty what you asked for and their reasons why they gave you the advice they gave and what products were recommended.

Did you not receive this?

I take it it was definitely an IFA you saw and not a tied financial adviser from a bank?

Buns_Mum

I didn't receive any such paperwork from them. Definitely an IFA - known them for many years which may be part of the problem!

dunstonh

In fact I was the one that contacted them to say the company I'd invested in had gone into administration!

What company?

You are able to request a copy of your file as data protection rules apply. However, if you put in a complaint, they can refuse to supply that file to you.

If I want to change IFA do they have to hand over any records to the new person?

No. They will almost certainly not hand over anything.

A bad investment in itself is not grounds for complaint. An investment outside of your risk profile is. However, if its within your risk profile and it failed for reasons of outside control of the adviser then there it is unlikely a complaint would be upheld.

It's not Keydata is it? Thats one of the investment companies that has gone into administration. There are not too many others.