Many people trust a financial advisor to give advice about their pension or savings. Whether you are planning for retirement, investing for your business or just need somewhere safe for your savings, it is important that the professional you put your trust in treats your money with care and attention.
“Thank you Alex for your diligence and hard work…I cannot fault your responsiveness, consideration, and conscientiousness.”
You want to trust the professional advice you have been given and relax safe in the knowledge that everything will probably go well. Unfortunately, this is not always the case and you end up losing a lot of money.
When this happens, it is important to know if this could have been avoided. Were you the victim of bad luck with the financial markets or was your financial advisor negligent in the advice given to you?
Financial advisers and other professionals are under a regulatory duty to make sure that the pension, investment, or financial product they have recommended or sold you is suitable and appropriate for your personal needs and objectives, especially in terms of the risk involved.
Risk level is very important, and some products, such as property funds or exotic sounding funds can be more high risk than you think. It is important that you understand exactly where your money is being invested. Financial products can be complicated, and it is not easy to tell whether a pension or investment is too high risk or just not suitable for your needs.
If you’ve been advised to put your money in a product that is too high risk or not suitable for you, there is an increased likelihood that you will lose money.
Time is of the essence – don’t delay
Although it is tempting to wait to see if the market might pick up, this is a risky strategy.
Time limits can be surprisingly short and delaying can find you without a remedy.
Your next steps
If you believe you have suffered from professional negligence, contact us without delay. We have specialised experience of the complex regulatory regime which governs the financial sector, including the Financial Conduct Authority (“FCA”) and the Conduct of Business Sourcebook Rules (“COBS”).
If you suffer loss because of bad or negligent financial advice then you may be able to recover your money, as well as the money you could have made, had you been advised properly.