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Clydesdale bank OEIC

I recently received a letter from Clydesdale saying that the original advice they had given me in 2006 was unsuitable.They go on to say that I have not suffered any financial loss because of this.They wish to me £500 toward the cost of an independent financial adviser to assist me in deciding what action I am going to take and encourage me to sign form quickly to receive this.The form states"I have signed this document on the basis I agree to accept this offer in full and final settlement.Has anyone else received similar or can anyone advise on this?.Thanks

Comments

  • Reaper
    Reaper Posts: 7,322 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I will have to guess as you haven't said where they told you to invest. So my guess is you said you wanted low or zero risk and they invested you in a stock and shares ISA.

    If that is correct then it would make sense that the performance over 11 years has exceeded the low risk option you said you wanted because investments over the long term tend to do that.

    If you have indeed ended up better off then accepting the offer would be a good idea. If the IFA informs you that you are actually worse off then I believe (though I am not a lawyer) signing the form would not prevent you making a claim against them since they would have given you duff info.

    But as I say it's all guess work unless you can provide more details of what you asked for and what you got.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    Rosieblack wrote: »
    I recently received a letter from Clydesdale saying that the original advice they had given me in 2006 was unsuitable.They go on to say that I have not suffered any financial loss because of this.They wish to me £500 toward the cost of an independent financial adviser to assist me in deciding what action I am going to take and encourage me to sign form quickly to receive this.The form states"I have signed this document on the basis I agree to accept this offer in full and final settlement.Has anyone else received similar or can anyone advise on this?.Thanks



    I'd respond by saying pay me the £500 and I'll happily sign the form, unfortunately I don't think they would go for it.


    By paying for the IFA they are effectively transferring the risk of wrong advice from themselves onto him.


    What was the investment?
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