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my father's Financial Advisor moved without telling him! what can my father do?
geriann
Posts: 165 Forumite
my father has been with the same financial advisor for years.
he was at Norwich & Peterborough, but apparently not thier employee. i guess he was self-employed or something.
a few weeks ago my father thried to contact his financial advisor because he wanted to have solar panels put on his house and ovbiously wanted his opinion...and suppose an update on how his money was doing.
he found out then that the man in question had moved. N&P didn't know where to or how my father could contact him.
since my father's FA had left no one had been keeping track of my father's money because only that man [who took his own laptop and my father's details with him] knew how to gain access to my father's details.
not even my father had access to find out where his money was and to move it if he needed to!:eek:
my father found a new FA, so he's been able to gain access and sort out my father's money.
but the point is that my father lost some money because no one could access/move the money since that FA moved!:mad:
it could have caused my dad to lose alot of money, esp' i my father hadn't tried tocontact him when he did.
is there anything my father can do to get compnsation for this mess? or any other action?
he was at Norwich & Peterborough, but apparently not thier employee. i guess he was self-employed or something.
a few weeks ago my father thried to contact his financial advisor because he wanted to have solar panels put on his house and ovbiously wanted his opinion...and suppose an update on how his money was doing.
he found out then that the man in question had moved. N&P didn't know where to or how my father could contact him.
since my father's FA had left no one had been keeping track of my father's money because only that man [who took his own laptop and my father's details with him] knew how to gain access to my father's details.
not even my father had access to find out where his money was and to move it if he needed to!:eek:
my father found a new FA, so he's been able to gain access and sort out my father's money.
but the point is that my father lost some money because no one could access/move the money since that FA moved!:mad:
it could have caused my dad to lose alot of money, esp' i my father hadn't tried tocontact him when he did.
is there anything my father can do to get compnsation for this mess? or any other action?
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Comments
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my father has been with the same financial advisor for years.
he was at Norwich & Peterborough, but apparently not thier employee. i guess he was self-employed or something.
N&P have employed advisers that are tied to Aviva for quite some time.he found out then that the man in question had moved. N&P didn't know where to or how my father could contact him.
That suggests he left the employment of N&P.since my father's FA had left no one had been keeping track of my father's money because only that man [who took his own laptop and my father's details with him] knew how to gain access to my father's details.
If you have been unable to contact that particular FA, how do you know he took his laptop and details of customers with him?
Just because N&P no longer employ him, does not mean his investments suddenly stop. N&P operated on a transactional basis and not ongoing servicing.but the point is that my father lost some money because no one could access/move the money since that FA moved!
How did he lose money and how was your father not able to know where his investments were despite statements, welcome letters, policy docs etc being sent to him?
Whilst the N&P bank clerks themselves may not be able to find the investments, the new financial adviser they have in branch would have been able to. Did your father make any attempt to speak to the replacement?is there anything my father can do to get compnsation for this mess? or any other action?
Based on limited information, much of which seems confused and assumed and incorrect, I would say no as I cannot see any wrong 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.0 -
whoever my father spoke to at N&P told him.If you have been unable to contact that particular FA, how do you know he took his laptop and details of customers with him?
obviously whatever my father had his money in went down in value.How did he lose money
i don't know.how was your father not able to know where his investments were despite statements, welcome letters, policy docs etc being sent to him?.
i've never had savings [shares or whatever] so i dont know what paperwork you're given, so i didnt think to say about that.
Tbh my fathers age could be a factor as to why he may not remember things.
as i said aboveWhilst the N&P bank clerks themselves may not be able to find the investments, the new financial adviser they have in branch would have been able to. Did your father make any attempt to speak to the replacement?.
N&P told my father to go on the net to find a new IFA...which i what he did.my father found a new FA, so he's been able to gain access and sort out my father's money.
i can't remember why he didn't get another IFA through N&P. i just know that's what he was told to do.
the info' is what my father told me...which N&P told him.Based on limited information, much of which seems confused and assumed and incorrect, I would say no as I cannot see any wrong doing.
my dad may be old, but he's not stupid. everything he told me would not be made up. if he'd forgotten part of what N&P said he would say so. my father hasn't assumed anything, he just relayed what N&P said to me. so if anything is incorrect it's because N&P told him the wrong thing.
yes it is confusing.
at least now my father has got a new IFA...someone who understands what's happened.
i only asked for advice on here to see if i could help my father.0 -
whoever my father spoke to at N&P told him.
Surely if the FA was emplyed by N&P, N&P would also hold records that were not simply just on the FA's laptop? Sounds like a bit of a copout by N&P to be honest.obviously whatever my father had his money in went down in value.
It could equally have gone up. How can you be sure it went down?N&P told my father to go on the net to find a new IFA...which i what he did.
i can't remember why he didn't get another IFA through N&P. i just know that's what he was told to do.
N&P only have tied financial advisers that they employ. Why would they suggest that your father finds an Independent Financial Adviser which would take the business away from them? Do they not now employer a new financial adviser who has replaced the old one?at least now my father has got a new IFA...someone who understands what's happened.
Has he found an Independent Financial Adviser?i only asked for advice on here to see if i could help my father.
It's difficult to help as the story is rather confusing and garbled.0 -
whoever my father spoke to at N&P told him.
So a current employee of N&P has accused an ex employee of N&P of having data on a laptop that was provided by N&P but not taken back by N&P when they left?
Do you really think that when a staff member leaves, that the bank or building society loses all the data they have on someone?obviously whatever my father had his money in went down in value.
The adviser leaving has no impact on that whatsoever.N&P told my father to go on the net to find a new IFA...which i what he did.
i can't remember why he didn't get another IFA through N&P. i just know that's what he was told to do.
N&P ceased to employ IFAs in the last year replaced them with FAs. So, if he wanted an IFA and not an FA, then that was his only choice.i only asked for advice on here to see if i could help my father.
Which is good of you but some of it makes no sense or lacks logic.
Investments send out statements. Typically 6 monthly or yearly. So, perhaps you could look for those.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.0 -
the IFA was classed as self-employed.Surely if the FA was emplyed by N&P, N&P would also hold records that were not simply just on the FA's laptop? Sounds like a bit of a copout by N&P to be honest.
my father's new IFA told him.It could equally have gone up. How can you be sure it went down?
obviously yes.Has he found an Independent Financial Adviser?
i think they haven't got a new IFA, but i'm not certain because i can't remember what my father said now.N&P only have tied financial advisers that they employ. Why would they suggest that your father finds an Independent Financial Adviser which would take the business away from them? Do they not now employer a new financial adviser who has replaced the old one?
thanks!:embarasseIt's difficult to help as the story is rather confusing and garbled.0 -
obviously yes.
Unfortunately it's not obvious that it is an IFA as you seem to be mixing up the term Financial Adviser and Independent Financial Adviser. The difference is quite important. Your first post said that your father found a new FA and then you jumped later to an IFA.i think they haven't got a new IFA, but i'm not certain because i can't remember what my father said now.
N&P only employ Financial Advisers now. They are only able to sell their own limited products. An IFA is able to provide products from the whole of the market.thanks!:embarasse
Sorry - not trying to embarass you but just trying to get a clearer picture of what went on.
Perhaps the best person to ask if you have any sort of redress would be the IFA ( if it's actually an IFA) who now has your father's business.
Personally I don't think there is any form of redress due as your father could have referred to his paperwork and contacted the provider directly to get at his money. Perhaps you could help your father to go through the paperwork so you know a bit more about it?0 -
yep it does sound wierd to me too.So a current employee of N&P has accused an ex employee of N&P of having data on a laptop that was provided by N&P but not taken back by N&P when they left?
Do you really think that when a staff member leaves, that the bank or building society loses all the data they have on someone?
The adviser leaving has no impact on that whatsoever..
ok. so my father had a FA through N&P, but now has an IFA not through N&P.N&P ceased to employ IFAs some time back and replaced them with FAs. So, if he wanted an IFA and not an FA, then that was his only choice..
sorry i got the letters wrong.
ok.Investments send out statements. Typically 6 monthly or yearly. So, perhaps you could look for those.
i know.:embarasseWhich is good of you but some of it makes no sense or lacks logic..0 -
Found the press release. It was January 2011. N&P is to transfer its 21 IFAs to Aviva to become FAs.
http://citywire.co.uk/new-model-adviser/norwich-and-peterborough-confirms-ifas-to-join-aviva/a467526
If you are going back to the days when the building societies used self employed IFAs, then that is around the 1980s.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.0 -
sorry i got them confused. i meant to put FA.Your first post said that your father found a new FA and then you jumped later to an IFA.
yes i'll tell my father to ask him.Perhaps the best person to ask if you have any sort of redress would be the IFA (if it's actually an IFA) who now has your father's business.0
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