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IFA Fee Reclaim
Comments
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The Ombudsman's decision isn't binding on you, so if you disagree, you can always go to court instead. This is a potentially very costly and possibly much more risky route for you though, as the required levels of evidence are far higher. Your only other option is to ask the Ombudsman who issued your decision to reconsider.My complaint against an IFA has been upheld by the Ombudsman but incredibly does not include her fee of £7000. When I spoke to the junior Ombudsman his initial reaction was that this should be included and had been overlooked (he thought the fee was part of the monies invested but in fact it was paid separately) but when he consulted with the main Ombudsman he changed this view to it not being repaid on basis I should just be given back the net amount I invested originally. On this basis she can keep misadvising and pocketing thousands of pounds. I am wondering if the Ombudsman just could not be bothered to re-do the paperwork. Is there anything I can do to get this money back either via the Ombudsman or some other avenue?
As others have already said, if you explain a little more about how this complaint came about and the terms of your redress, that might make it easier to determine whether you should consider something further.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
A self employed/partnership IFA carries the liability for advice until death.
Or disappearing in the direction of the Cayman Islands, whichever comes sooner.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »Or disappearing in the direction of the Cayman Islands, whichever comes sooner.
Someone been reading my retirement plans?
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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