Hi - I hope that this is the right forum in which to post this.

I have a query regarding an ISA which I took out in 2000, at the age of 23. At the time I was fortunate to have some significant savings, and having seen this when I went to the bank to pay something in the lady bank clerk suggested I make an appointment to come in and discuss what the bank could do for me.

I came out of that meeting having agreed to put 2/3 of my savings into a couple of different ISA's (the person I met with was keen for me to put closer to 95% in, but, given that I was unemployed at the time and about to go to film school, even I could see that was unwise).

The bank was Lloyds and the ISA's were with Scottish Widows. I was very much subject to the hard sell from the guy I met with who convinced me that I really couldn't lose (and who also signed me up for a credit card and a gold - fee paying - account - bearing in mind I was unemployed at the time). I was quite young and in hindsight fairly naive, thinking that the bank really had my best interests at heart. When I closed the ISA some years later, I got back just over 25% of what I had originally invested.

Anyway, the point, and my question, is, do I have any case to reclaim anything given the circumstances and the selling techniques used?

I hope that someone can help shed some light - I have seen very little about ISA mis-selling other than the fact that Lloyds was heavily fined for doing it, and even less about what (if anything) can be done by any individual to claim compensation.

Replies

  • dunstonhdunstonh Forumite
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    Anyway, the point, and my question, is, do I have any case to reclaim anything given the circumstances and the selling techniques used?

    You have 6 years from the transaction or 3 years from being reasonably aware of an issue to raise a complaint (whichever is longer). The three year trigger on the ISA would be 3 years from closure.
    I have seen very little about ISA mis-selling other than the fact that Lloyds was heavily fined for doing it, and even less about what (if anything) can be done by any individual to claim compensation.

    That is because there is very little of mis-selling of ISAs. it's tax efficient. Its a relatively small amount and all bank funds are mainstream. The only thing for them to really get wrong is risk profiling and capacity for loss.

    It would be interesting to know how you managed to lose 75% of your capital as no Scot Wid funds available through Lloyds have lost anything near to that in any period during which you say you invested.
    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.
  • Robin9Robin9 Forumite
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    I am also not sure where this big loss is

    Back in 200/01 I think the limits were a total of £7000 - £3500 cash /£3500 stocks and shares.

    Was the advice to put all your savings int S & S ISA or split into cash ISA as well?
    Never pay on an estimated bill
  • magpiecottagemagpiecottage
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    You can complain. However, generally, FOS will assume that cashing in a product with a substantial loss is sufficient to alert you to having grounds for complaint and would enable a timebar to be applied.
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