Mis-selling question

Gromitt

Everyone makes mistakes, changing banks due to someone getting something wrong is silly and just costs you time and hassle.

Filing a complaint may get you £25 for your troubles.

magpiecottage

FOS has published its views on this type of issue here.

I think if the OP complained, FOS would take the view that they had realised it was a mistake and no redress is due.

On the other hand, if a projection was provided by the bank showing a figure 12 times the correct figure to Mum and she had chosen to invest in good faith, redress would be due.

How much would depend on the status of the adviser. If independent, it would normally be a misrepresentation - the statement was untrue but does not constitute an offer of a contract because, by definition, an independent financial adviser does not act for the firm providing the product.

However, most bank advisers are tied. In other words they are acting as a representative of the company whose products they are selling. As such, FOS might interpret the statement as an offer of contract which, once accepted by the consumer and a payment made, becomes legally binding.

fordy

Thank you, I think a return visit and a chat with the actual manager is in order.

Still considering switching banks though...

Ilya_Ilyich

What's the actual wording on the projection?

Mikeyorks

fordy wrote: »

Now correct me if I'm wrong but using the ISA calculator on here that's only £85.25 PER YEAR?

Yes you're wrong. It's only £82.25 pa.

To be fair I don't have an ISA calculator. Only a solar one. But even on a day with thick fog and wall to wall ice - I don't think it subtracts precisely £3 just 'cos the sun isn't shining?

So - are you sure he kept repeating £85.25 per month?

The ISA calculator also concurs :

After saving £0 a month for 1 year and 0 months,
you will have £3,582.25 in savings.

fordy

Absolutely sure

It also says on the projection £85.25 PM

ILW

Are you sure it did not say something like £85.00 pa, payable monthly?

fordy

nope, exactly £82.25 PM as in Per Month

He was very persistent and it was only when she said she'd talk to me before signing up for anything did he back off.

Mikeyorks

fordy wrote: »

Absolutely sure

It also says on the projection £85.25 PM

One of us needs a drink?

fordy wrote:

nope, exactly £82.25 PM as in Per Month

He was very persistent

I'll go and have one - for you.

fordy

am I missing something? I was merely answering the questions.