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How to complain about a poor performing Shares ISA
gilster
Posts: 6 Forumite
Advice needed!
My parents took out two Share ISA's in 2000. Their total investment was £20k and current value is £6k! The majority of the losses occurred during the first two years.
When the products were originally sold, I do not believe the risks were clearly explained, nor the products suitability. Additionally, the financial advisor quotes in their initial correspondence that they will make contact to undertake periodic reviews and they have never done this.
My dad has contacted th financial advisor who has said they have no right to complain as he should have contacted them when the value started falling back in 2001.
So my question is.....what is the best way to make a complaint and get a successful outcome (hopefully compensation towards the lost funds)?
My dad wants to use a no win no fee firm (probably because he sees it as the easiest way) but I doubt this is the best approach.
What would you recommend?
Many thanks
My parents took out two Share ISA's in 2000. Their total investment was £20k and current value is £6k! The majority of the losses occurred during the first two years.
When the products were originally sold, I do not believe the risks were clearly explained, nor the products suitability. Additionally, the financial advisor quotes in their initial correspondence that they will make contact to undertake periodic reviews and they have never done this.
My dad has contacted th financial advisor who has said they have no right to complain as he should have contacted them when the value started falling back in 2001.
So my question is.....what is the best way to make a complaint and get a successful outcome (hopefully compensation towards the lost funds)?
My dad wants to use a no win no fee firm (probably because he sees it as the easiest way) but I doubt this is the best approach.
What would you recommend?
Many thanks
0
Comments
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duplicate thread here:
https://forums.moneysavingexpert.com/discussion/comment/55712555#Comment_55712555
please use that one to keep answers on the same thread.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
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