NPI Flexible Bond with Profit bond 11 - through Chase De Vere

sabelu

For a 20k investment that should've been 10yrs ended up as three my mother received £16.1k settlement + 83pm (£2988) so with the settlement she will have received over the three years £21288.

sabelu

Just to make you all aware we refused the first offer from CDV and have been offered an extra £500, worth refusing it then. How many people not only dont challenge in the first instance and then dont even challenge the first offer ?

dunstonh

They will only be offering compensation if they feel their documentation is insufficient in some area to support the case.

Let me give an example. I have only ever had one advice complaint (don't include the one, for example, where someone complained about the layout of a statement from a provider ). Someone made a complaint that I allowed her to continue making contributions into a plan (which I hadnt sold) which she was not eligible to make and had been hit with a tax penalty. She wanted me to pay that penalty and compensation.

In that case, the client file was looked at and there were two things that directly countered the complaint. One was a photocopy of the payslip confirming eligbility and the second, the report and factfind confirming that eligibility for that tax year had been checked and that she should verify future years before any making any contributions in those years. She had actually become ineligible 2 tax years later and I hadnt seen her again as what she used me for originally was a one off transaction. So, the complaint was dismissed out of hand because the documentation proved beyond all doubt that eligbility was confirmed and of course I couldnt be responsible for things that happened 2 years down the road (especially on a product i had never sold).

Without that documentation on file, there may have been the possibility that some offer as a goodwill payment may have been made as the file wouldn't have been as supportive. Sometimes, it's cheaper to offer something, rather than risk the ombudsman will uphold the case. Insufficient documenation to prove correct advice was given is grounds for many complaints being upheld. Also, remember that the advising firm has to make a payment to the FOS every time a complaint is made, even if the complaint is not upheld.

So, what should you do? It's up to you. However, I certainly wouldnt offer you a penny if I felt my files supported the advice given.