Investment with Save & Prosper 19 January 2011 at 1:35PM edited 30 November -1 at 1:00AM in Reclaiming Mortgage Fees, Council Tax, etc 4 replies 1.6K views

Treesie

I'm probably slutching at straws but feel its worth a try. My dad invested money for my mum (her NHS employee pot) in a wrapper with Save & Prosper. My dad became ill and wasn't able to keep a close eye on the investment. It transpires that an approx £60k investment fell to £4k and the only expnation S & P gave was that 'its lost money'. They were not willing to discuss the issue. In a panic my dad withdrew what remained (less fees!) and that was that.

My father died 9 years ago and my mum cannot remember any of the details. Does anyone know if there is anyway we can look into this and find out what exactly went wrong and if there was any fault?

dunstonh

investments dont tend to lose that sort of money unless invested in high risk areas when a bubble bursts or they draw too much from them monthly than the returns can sustain.

The biggest bubble that occurred in that period was the dot.com investments. Quite a lot of inexperienced investors went fashion investing (often encouraged by the media) to go into tech funds. However, instead of placing around no more than 10% in a specialist area, many went far too heavy and invested far more than that. Many of which went on to lose 90% of their value.

What was the investments within the S&P product? e.g. fund name?

Treesie

Thanks for that into. The problem is I don't know. Becasue my dad died nothing was looked at again and it was put down to a loss. Is there anyway my mum can go back to S&P and get to the bottom of what happened? It was certainly a huge loss to sustain and I believe it happened in a relatively short period of time.

dunstonh

Is there anyway my mum can go back to S&P and get to the bottom of what happened

yes. She can ask what funds it was invested in.

Treesie

Thanks, to at least get some info out of them would be a positive. We are going to address S&P to see where the funds where invested and depending on that info, where accountability laid.