Stocks and Shares ISA Product Miss Sold

edited 30 November -1 at 1:00AM in Reclaiming Mortgage Fees, Council Tax, etc
8 replies 1.5K views
monkeyattackwoofmonkeyattackwoof Forumite
5 Posts
Hi, LLoyds TSB recently got in touch with me to do an independent check to see if they thought they miss sold me a Stocks and Shares ISA Product.

They told me that when LLoyds TSB offered my a Stocks and Shares ISA Product which was managed by Scottish Widow that LLoyds TSB had taken a fee for this product. I was not aware of this fee.

They have concluded that i was not miss sold , but i do not agree! They have given me no option to question this ruling.

What is the best way for me to tackle this going forward?

I had the product for some years , paying in a total of 18k. I'm not sure how much Lloyds TSB charged me.

Replies

  • Look at the key facts information. This will detail any fee charged.
  • it's a very old product and i don't have the key facts info - but it doesn't really matter as they have already told me they charged me something and i did not know this at the time - so on that grounds i want to take action to claim it back - my question is how?
  • edited 19 February 2018 at 3:46PM
    dunstonhdunstonh Forumite
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    edited 19 February 2018 at 3:46PM
    They told me that when LLoyds TSB offered my a Stocks and Shares ISA Product which was managed by Scottish Widow that LLoyds TSB had taken a fee for this product. I was not aware of this fee.

    I know what the old Lloyds/SW illustrations looked like and I can tell you that they did disclose the fees.
    They have concluded that i was not miss sold , but i do not agree! They have given me no option to question this ruling.

    You made your complaint and they have looked at your complaint and rejected it. Its a pretty easy complaint for them to reject as they will have a record of the illustration issued and that will show the fee.
    What is the best way for me to tackle this going forward?

    Look at your paperwork. I fear you are on a hiding for nothing her with that complaint reason as your allegation is easily refuted.
    I had the product for some years , paying in a total of 18k. I'm not sure how much Lloyds TSB charged me.

    If you look at your initial documentation issued to you, it will tell you what the initial charge was.

    Lloyds only retailed bundled share class funds. So, until 3rd January 2018, there has been no requirement for them to give an annual cost of your investments. They had no charges on top of the fund charge.
    You also want to be very careful in this complaint. If you push it, the outcome could be voiding the investment as if it never existed and returning the money to you plus interest. Seeing as the investment has almost certainly made much more than interest, you could end up in a worse situation.
    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.
  • i didn't make a complaint , they contacted me out of the blue. Seems they have chosen to assess all these product themselves - doubt they would do that if there is no chance of there being a miss sold situation
  • edited 19 February 2018 at 4:53PM
    dunstonhdunstonh Forumite
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    edited 19 February 2018 at 4:53PM
    i didn't make a complaint , they contacted me out of the blue. Seems they have chosen to assess all these product themselves - doubt they would do that if there is no chance of there being a miss sold situation

    That is an incorrect assumption.

    One firm was in the press last year as they reviewed wrote to people offering a past review and had over 500 people take them up on the request and not a single one of those 500 odd were classed as missold.

    A firm local to me also had a similar review instructed and had over 100 cases checked and not one resulted in redress. They were caught up in the review because they used a compliance company that was found not to be doing the file checks to a high enough standard. It wasn't because the files themselves were wrong.

    Reviews like these tend to get carried out when something has been identified in some cases from the same person or distribution channel. They write to people in similar circumstances offering the review in case that person is not happy about something. e.g. a branch has three advisers in it and one of those advisers was found to be making a minor error in a certain area. So, they write to all the customers of all three advisers (As its a branch issue) of all similar cases within a date period to offer a review. The two advisers that were not having issues get caught up in it because the checks are done by branch. It may also have been the errors were not repeated with anyone else. It is all about identifying trends. If they find more people in that sample they write to them they expand the review.

    By asking them to carry out the review, it is done on a complaint basis and done by an independent third party. I believe Lloyds use Delloites.


    Anway, if you pursue it, the typical outcome of an upheld investment case is to void the investment and return your money plus interest. If you are lucky, they will pay you the current value of the investment and close it down. If you are unlucky, you just get the original investment amount plus interest. You do not get compensation unless the investment is valued at less than the original investment plus interest.
    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.
  • He never made a complaint.
  • dunstonhdunstonh Forumite
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    PLYSU wrote: »
    He never made a complaint.

    Already answered.
    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.
  • dunstonh wrote: »
    Already answered.

    It is for the OP to decide if it was.
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