Our professional negligence solicitors deal with compensation claims arising as a result of negligent financial advice given by an adviser or a consultant. The fact that an investment looses value does not of itself indicate negligent financial advice provided that the adviser or consultant has followed the financial regulators code of practice.
SOLICITORS HELPLINE 0845 180 1888
^^ back to the topThe Financial Services Compensation Scheme (FSCS) which became operational on 1 December 2001 is an independent body set up under the Financial Services and Markets Act 2000 and is a fund of last resort which will pay compensation to consumers of financial products if a firm is unable to pay any claims made against it. The FSCS covers business conducted by firms authorised by the Financial Services Authority which regulates financial services in order to protect consumers. The FSCS covers these issues however claims are usually only made to the FSCS when the firm is ‘in default’ of payment of compensation following a recommendation from the Financial Ombudsman Services due usually as a result of insolvency. The FSCS aims to
Compensation claims should initially be the subject of a written or oral complaint containing the grounds for the application made directly to the firm that gave the advicee if that firm is still trading. If the claim is not time barred and is not settled satisfactorily then an application can be made to the Financial Ombudsman Service and the matter may thereafter be referred to the FSCS who will settle claims both for individuals and for small business with an annual turnover of less than £1,000,000. There are certain complex regulations within the scheme which means the FSCS may not be able to cover the entire loss in an investment transaction.
The FSCS has a detailed complaints procedure for those individuals or firms that are unhappy with any decision. Any complaint is initially passed to a manager for investigation unless that manager was involved in the initial problem in which case the complaint will be investigated by an alternative person of similar status. If the complaint is about a manager it will be investigated by the Chief Executive and if the complaint is about the Chief Executive it will be referred to the Chairman to deal with at his discretion. Upon receipt of a complaint the FSCS must acknowledge receipt within three working days. Within ten working days a manager at the FSCS must write to the complainant advising the result of the investigations however if the investigations are likely to take longer than ten days then the complainant must be updated every ten days until the investigation is completed. If the complainant is not satisfied with the outcome and conclusions of the investigation the matter is referred to the Chief Executive for review and thereafter the matter may be referred to an Independent Investigator.
SOLICITORS HELPLINE 0845 180 1888
^^ back to the topIn order to establish liability for negligent financial advice against an adviser or a consultant we are able to call upon the services of an independent network of qualified actuaries, insurance experts, stock brokers, financial experts and academics who work together as a specialist team when necessary, to assist in settling claims for the consequences of negligent financial advice against advisers, consultants, life companies, banks, solicitors and brokers. We deal with professional negligence compensation claims for negligent financial advice on a no win no fee basis and if the complaint is unsuccessful we will not make any charge to you. Our professional negligence compensation claims are completely risk free and you will not have to pay for any expenses during the course of the claim. If you would like free advice, without any further obligation, just use the helpline, email our offices or complete the contact form.