FSCS Claim

Raylincs

Dear Forum

Back in the late 1990’s I was contacted by a “Penny Shares Company” I was convinced to buy shares through them.  Moving on to latter day, I found out that I could make a claim to the FSCS against the “Penny Shares Company” for mis-selling me these shares.

The FSCS conclude that I had in-fact been mis-sold shares by this company, but there is always a but....I hadn’t incurred a loss because one of the shares I had owned was worth slightly more than the total loss.

That would have been ok if I owned the said company shares; the said company and its shares had been taken over by another company that company had also been taken over by a Canadian company. I contacted the Canadian company to ask if I was a shareholder, they confirmed I had never been a shareholder.  I then went back to the FSCS to ask them to relook at my case in light of the new information.  They have declined the claim as they say nothing has changed, how can that be as their whole premise for declining my case was that I owned the shares.

I am at loss of where else I can go to gain more information to prove my case.

For me this is a lot of money about and I won’t be having any employment in the near future because I work in the hospitality industry.

Thanking you in advance

Raylincs

Zanderman

FSCS?  Are you sure?

dunstonh

Moving on to latter day, I found out that I could make a claim to the FSCS against the “Penny Shares Company” for mis-selling me these shares.

That's strange.  Shares are not a regulated investment and do not get FSCS protection.    Only if advice was given by a regulated company would the FSCS be available.    

That would have been ok if I owned the said company shares; the said company and its shares had been taken over by another company that company had also been taken over by a Canadian company. I contacted the Canadian company to ask if I was a shareholder, they confirmed I had never been a shareholder.

That suggests an error as takeovers normally give you shares in the new company or cash or combination.      I wonder if they ever bought the shares in the first place and just did a runner with your money.

.  They have declined the claim as they say nothing has changed,

Rather than paraphrase, can you actually give their response?