ISA mis-sold to mum - advice please

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?

Comments

  • dunstonh
    dunstonh Posts: 116,040
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    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.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Would you be claiming it was missold if it had gone up in value by £1,500?
    Thinking critically since 1996....
  • Doshwaster
    Doshwaster Posts: 6,130
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    The current value may have gone down by £1500 but you haven't "lost" the money until the ISA is cashed in.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    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
    lisyloo Posts: 29,583
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    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
    TheMatrix_2 Posts: 113 Forumite
    Panarama have opened the floodgates ;-)
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