isa

ste6996

HI NEW TO THIS .is it possible to reclaim isa as I feel I was misold it took banks advice and invested £6000 with in 18 month had lost nearly £1800 was told I share one wen I complained they said I agreed I asked for basic isa wot would give me a better return than savings acc this was 10 year ago.
thanks steve

dunstonh

It is difficult to understand what you are saying. However, from what can be made out your issues are:

1 - it was 10 years ago. So, could be timebarred (you get three years from reasonably being aware of a problem or 6 years from the start date, whichever is longer - you are way past both of these)
2 - you have already complained and your complaint was rejected. If you disagree with that complaint response you only get 6 months to refer it to the ombudsman. After that it is too late.

£1800 loss on £6000 is not a big loss. Banks had around a 5% charge at that time. So, the loss is just 25%. A medium risk investment was that sort of loss potential for short term. So, the investment doesnt sound high risk. Losses are not something you can complain about. They will always happen from time to time. However, risk assessment is but as said, the loss is consistent with medium risk levels.

If you hadnt cashed it in, you would have been invested in a growth period which saw investments nearly double in 5 years and easily beaten savings accounts.

roonaldo

Would it be mis-sold if you gained £1800? Investments hold risks and unfortunetely didnt work out for you.