Claiming compensation for bad financial advice
Financial Planning is an absolute must for those with a pension or assets to invest. Invariably this will involve seeking the advice of a professional accountant or an independent financial adviser (IFA). In most instances that advice works out well, but on rare occasions bad financial advice can leave you seriously out of pocket.
There are many reasons why bad financial advice is given:
- It can be as simple as misunderstanding the criteria you set for your type of investment; investing your hard-earned money in high risk investments when you are a cautious investor, for example;
- Or it can be encouraging you to enter into a risky scheme without the relevant warnings or explaining the implications or such a scheme;
- Or suggesting a tax avoidance scheme which HMRC subsequently close down;
- Alternatively, it can be promoting inappropriate schemes without checking their provenance or performance history;
- It can be the basic failure to ensure that you can afford the investment; or
- Even advising you to invest in unsuitable pensions or Self Invested Personal Pensions (SIPPS).
Whatever form the bad financial advice takes, if the accountant or IFA failed to advise you to a reasonable professional standard, then they may have been negligent. And if that is the case, then they may be liable to pay you compensation for your financial losses.
So, if you feel that your accountant or your IFA have given you bad financial advice, then call us and we will be happy to discuss the possibility of bringing a claim for compensation. We can also discuss funding options, including the availability of a no-win, no-fee agreement, as well as insurance options. Do not delay in calling though: Claims for bad financial advice have strict time limits and they can quickly pass.