ISA mis-sold to mum - advice please

TTibbs

Hi, my mum took advice from an employee of the Halifax approx. a year ago and he persuaded her to buy a stocks and shares ISA rather than a cash one, and she subsequently lost £1,500. Bearing in mind my mum's in her 70's we think she was mis-sold the ISA and wondered whether there was any way of claiming the money back?

dunstonh

Why do you think it was mis-sold? You havent given a reason

someone in their 70s doesnt make it mis-sold unless they are senile and mentally unable to understand what they are doing.

somethingcorporate

Would you be claiming it was missold if it had gone up in value by £1,500?

Doshwaster

The current value may have gone down by £1500 but you haven't "lost" the money until the ISA is cashed in.

opinions4u

TTibbs wrote: »

Hi, my mum took advice from an employee of the Halifax approx. a year ago and he persuaded her to buy a stocks and shares ISA rather than a cash one, and she subsequently lost £1,500.

Does the documentation issued with the sale state: "You cannot lose money with this" or words to that effect?

Bearing in mind my mum's in her 70's we think she was mis-sold the ISA

Are people in their 70s not allowed to invest?

and wondered whether there was any way of claiming the money back?

Leaving the money where it is an seeing what the markets do may recover the losses so far. Or it may not.

lisyloo

It's not a mis-sale just because it didn't perform.
It's not a mis-sale because she's in her 70's either.

If she was in her 80's or 90's you could possible argue that a long term investment is not sensible, but in my opinion 70's would not qualify for a mis-sale.

The chances are she was almost certainly given paperwork that says "the value of investments may fall as well as rise" etc. and the nature of the investment would have been clear.

Sorry I don't think there is a case, unless there is further infomation you haven't presented.

TheMatrix_2

Panarama have opened the floodgates ;-)