Mis-sold Shares

Briri

Has anybody used the company Gains Clark Ltd to reclaim money for mis-sold shares?

CliveOfIndia

In what way were the shares mis-sold?

But generally-speaking, there is no need to pay someone large sums of money to claim compensation for a case of genuine mis-selling or where a broker has broken FCA rules, you can do it yourself very easily.  Have you taken a look at the fees they charge ??

In fact, as stated on their own website:

"You do not need to use a claims management company like Gains Clark. You can submit a claim to your financial advisor, the Financial Ombudsman Service or the Financial Services Compensation Scheme for free to review your case, providing it falls within their remit and you can provide a basis of claim."

frugalmacdugal

Hi,

how were they mis-sold, were you tricked into buying, was it a scam?

Are you dubious now because shares have dropped in price?

dunstonh

Briri said:

Has anybody used the company Gains Clark Ltd to reclaim money for mis-sold shares?

How can you be missold shares?
a) shares are not sold under advice 
b) shares are not a retail financial instrument

If it was investment funds containing shares then that is a different matter.  However, its unlikely that any equity funds are in a situation that warrants a complaint.  The only equites sector negative over the last 3 years is emerging markets and none are negative over the last 5 years and all have beaten cash.    So, even if they were "missold", the chances are that there is no financial loss if the fund was equity based.

Mr.Generous

I thought shares were bought rather than sold - as in a hard sell. How on earth are they mis-sold?

PurpleTrees

I’ve just been contacted by Gains Clark too. 
Offering to retrieve compensation due to bad investment advice (that fell outside of guidelines..) from a company that then went bust..
Has anyone used them and are they legitimate with their no win no fee proposal ? 

I’d love to know before signing the Docushare and leaving them to it. 

Many Thanks. 

dunstonh

Offering to retrieve compensation due to bad investment advice (that fell outside of guidelines..) from a company that then went bust..

There is a lot of cold calling/mailing going on in this area but very little success.  Hence why Claims companies tend to set high percentages on successful cases.
Some claims companies don't need successful cases to make money.  They aim to get as many people signed up as possible and they either sell the list of potential complaints to a third party or they use it to boast about how many claims they have and invite people to invest in their company.    The mugs that invest in the company are the victims.

Some key info needs to known to answer your question.
a) was the investment and advice regulated?  (outside guidelines suggests it was unregulated)
b) when was this? (timescales matter)
c) what is the issue?  (this is important as money going down in a negative period and you pulling out creating a loss is not bad advice)

If the advice company is bust, then the courts cannot be used.   The FOS cannot be used.  Only the FSCS.  The FSCS is easy to deal with and you don't need a third party.   However, to use the FSCS, the advice has to be regulated and not outside of regulation.

If you can answer the questions, we can point you in the right directions.