Mis sold Investment - where do I start?

Turbo861

Hi

In 1998 I was advised by the local CIS advisor, who visited the home, to take 4k out of a Britannia Savings account and put in to a PEP.

He also advised me to contribute monthly to it. I'm sure I was paying roughly £50 a month into this. When PEP's were abolished and replaced with ISA's I seem to remember CIS transferred £20 & £30 into two separate funds being, if memory is correct, a European & American fund.

I think you know where I am going with this!!

The advisor told me at the time I was going to make a bucket load with the market growths and for some reason it being worth 14k in five years.

Well fast forward 5 years to 2003 I wanted to withdraw the funds to pay the deposit on my first property.

If memory serves me correct I closed the policy down and the total return just covered my deposit which I can remember being 3% on a 120k property with Halifax.

In other words after investing 4k and £50 a month for five years my return was certainly less than the total amount invested and I'm not sure if it covered the original 4k. As you can appreciate its over 12 years ago!!

My question is what can I do?? I have seen an advert on TV some bloke claiming miss sold financial advice and I certainly believe I was.

Back in 1998 I was young and incredibly naive when it came to finances. At no point was I told there was a risk to my investment. Living in a small village you believed the bloke who came to your house being the expert. He sold a policy to my dad and he was in the same position.

So can you actually claim on these sort of miss selling? I was certainly miss sold as there was zero explanation in respects of the risks involved. As far as I was concerned it was a guarantee winner, I was never told anything different!

Since these types of miss selling have not hit the headlines like PPI I have no idea where to start!! Is this something I can complain about myself or do I need a 3rd party?

Thanks for any help, it will be greatly appreciated.

dunstonh

In other words after investing 4k and £50 a month for five years my return was certainly less than the total amount invested and I'm not sure if it covered the original 4k. As you can appreciate its over 12 years ago!!

An economic cycle is closer to 10 years. You only invested for half of it and managed to caught in the worst part of the 5 years (2002-2007 would have doubled your money).

12 years is a key thing as you can be timebarred from complaint (6 years from the start date of the plan or 3 years from being reasonably aware of a problem - i.e. the day you took the money out).

My question is what can I do?? I have seen an advert on TV some bloke claiming miss sold financial advice and I certainly believe I was.

Nothing you have said indicates any issues.

So can you actually claim on these sort of miss selling?

You havent actually given a valid complaint reason.

I was certainly miss sold as there was zero explanation in respects of the risks involved.

CIS will have an illustration which on the first page and first warning would be that you can get back less than you pay in. They also gave a key features document with risk warnings. Finally, a reasons why letter that explains the risks.

What evidence do you have?

Since these types of miss selling have not hit the headlines like PPI I have no idea where to start!

Thats because there are not actually that many investment complaints. Especially given the volume of investments arranged each year.

So, in summary, you can be timebarred from complaint as its more than 3 years from the surrender. Plus, you havent given a reason for complaint.