Financial Investment Loss

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Financial Investment Loss

At My Legal Club we understand that sometimes poor investments and unsound advice can lead to financial losses that might impact your life. This can be extremely distressing so it is important that you have a solicitor that specialises and can guide and advise you on your options.

We can recommend solicitors who are experienced and highly accredited in the following areas:

  • Mis-Sold mortgages
  • Pensions / SIPPS
  • Off Plan Property Investment
  • Interest rate swaps

My Legal Club have a strict code of standards for customer care and support and all solicitors recommended have agreed to abide by this code of standards. We will undertake regular checks to ensure that all of our members are receiving the high levels of service we are committed to providing.

Specialist Solicitors

Many solicitors are advertising for financial mis-selling work. With reforms in personal injury claims by the government over the last decade, and many more reforms to come in 2020, many solicitors are turning to new areas of claim.

This does not necessarily mean they have experience in the areas of claim they are now pursuing.

We launched a twitter poll asking participants what their biggest consideration was when selecting a solicitor. Over 90% of participants in the poll voted in favour of a recommendation / recommended solicitor being the most important consideration.

We have cherry picked highly recommended specialist solicitors in every area of law and secured unique savings against legal fees for our members.

Our panel solicitors are expert, experienced, recommended specialists in financial mis-selling.

Our panel solicitors are committed to keeping to agreements, ensuring delays are kept to a minimum, and maintaining strong lines of communication.

 

Examples Of Investment Losses

You may have lost money because of poor investment advice or due to the administration of the funds. Some examples
are:

  • managed funds
  • stocks and shares
  • personal pension plans
  • investments in property/land/bio-fuel
  • investments overseas

Often investment losses are due to:

  • poor or misleading advice
  • negligent management of investments
  • fraud or misrepresentation
  • high percentage, or all, of the capital available invested in one high risk scheme

Examples of investments which have often led to claims being made include:

  • off plan properties
  • store pods
  • land
  • forests
  • farmland

We have vast experience in complex areas where investors have lost money as a result of negligent advice.

Our founder, Sean Rogers, has proven experience in this area of law.

One example is when a remortgage, to fund an investment, resulted in compensation being payable to the investors:

In two separate cases, Intrinsic representatives advised borrowers who took out interest-only deals that relied on Harlequin properties for repayment and were unsuitable for their circumstances, the Financial Ombudsman Services (FOS) ruled.

The clients each remortgaged and used cash from the loans to pay deposits on Harlequin overseas properties that were never built, with the investments now considered worthless, the ombudsman said.

In both cases, Intrinsic had argued advisers weren’t qualified to advise whether the Harlequin property was a realistic means of repayment – and so, the network is not at fault after the loss.

But the FOS didn’t agree and in both cases said the borrowers would have been unlikely to take out the interest-only mortgages if they had been fully aware of the risks.

Our founder, Sean Rogers, was quoted in the press here: “We are delighted that the Financial Ombudsman Service has reached the correct conclusion in respect of Mr G’s complaint [and] the suitability of his mortgage and the advice provided.

“It is disappointing that many in the sector still consider such matters to be complaints regarding investments and not complaints regarding the suitability of the mortgage and advice provided.”

How We Can Help

We launched a twitter poll asking participants what their biggest consideration was when selecting a solicitor. Over 90% of participants in the poll voted in favour of a recommendation / recommended solicitor being the most important consideration.

We have cherry picked highly recommended specialist solicitors in every area of law and secured unique savings against legal fees.

Mistakes can happen no matter how diligent you are in choosing a solicitor.

We have drastically reduced this risk for you.

Our panel solicitors are expert, experienced, recommended specialists in this area.

Our panel solicitors are committed to keeping to agreements, ensuring delays are kept to a minimum, and maintaining strong lines of communication.

Examples Of Failed Investments

The most common financial mis-selling scandals in the past decade relate to capital being raised via a remortgage, or pension transfer in to a SIPP, which is then invested in one investment (usually abroad).

Some examples of failed investments which have led to claims include:

  • Harlequin Properties
  • Ocean View Properties
  • Polaris
  • Brooklands Trust
  • Green Oil Plantations
  • Sustainable AgroEnergy
  • Global Forestry Investments
  • GPC SIPP Ltd
  • Beaufort Asset Clearing Services

If your investment is giving you grounds for concern, not meeting returns and/or is failing to communicate with you we would recommend seeking legal advice as soon as possible.

Time-limits

Claims can be time-barred if you do not bring them in time.

This is why it is such a complex and crucial consideration in any claim.

It is important to note that if you pursue a claim via the Financial Ombudsman (FOS) you will not “stop the clock” in respect of time-limits in respect of any future action you wish to pursue via the courts.

e.g. if you do not succeed in a claim against the FOS and want to pursue a claim in the Courts then you may be time-barred from claiming as a result of not protecting your limitation period for a court action.

We would recommend securing legal advice as soon as possible prior to deciding how you want to make any financial claim.

This also provides you with the best chance of ensuring your claim is within the time limits which apply.

This can be a very complex area but generally 3 time-limits apply:

  • The 6-year rule
  • The 3-year rule
  • The 15-year rule

The 6-year rule generally means 6 years from the advice/action you are complaining about. e.g. 6 years from the date of the advice from an IFA, or 6 years from signing a pension transfer form, or 6 years from signing a loan agreement.

If your claim is more than 6 years ago you can still rely upon the 3-year rule. The 3-year rule is often debated and disputed between the parties. The 3-year rule refers to 3 years from the date you first became aware (or should have become aware) of the problem which you are complaining about.

As an example, you may have a complaint regarding a matter which took place 10 years ago (over 6 years) but where the loss only became apparent within the last 2 years.

This is an example of where the 3-year rule would apply.

The 15-year rule means actions alleging negligence must be made within a maximum period 15 years from the negligent act or omission.

There can be exceptions as the FCA have stated they may allow certain cases to be handled outside of the 15-year time limit. The Financial Services Compensation Scheme (FSCS) have stated that time-limits can be disregarded when it is appropriate to do so.

Selecting The Correct Party To Blame

It is vital you select the correct people to blame for your loss. We would reference these parties as defendants.

Each time-limit applies to each defendant and they are under no obligation to point you in the right direction.

As an example, you may complain to the lender when in fact the IFA is to blame, or vice versa. We have seen cases where there are multiple parties to investigate, such as, an investment company, a SIPP, an IFA, and a conveyancing solicitor.

If you are inside the 6 year rule a sensible suggestion is to agree standstill agreements with each potential party involved to protect the 6-year time-limit.

A standstill agreement would need to be drafted by a solicitor and would provide you with the benefit of being able to pursue one party and potentially return to another party later without time-barring occurring. (subject to the terms of the standstill agreement of course)

How To Start A Claim

You can start a claim via either:

  • Making a formal complaint to the party/parties you hold responsible
  • Instructing a solicitor to send a letter of complaint
  • Sending a letter of claim, suggesting mediation, and if necessary issuing court proceedings.

Where a party regulated by the FCA rejects your complaint, and the matter to which you are complaining is covered by an ombudsman, you can pursue the complaint via the ombudsman yourself if you wish.

You can also instruct a solicitor to send the formal complaint and they will then represent you with any relevant ombudsman.

Another option is to instruct a solicitor who may decide the best course of action is to send a formal letter of claim, rather than proceed with a process going via an ombudsman, and to pursue a mediation and court proceedings if necessary.

The decision comes down to what type of matter the claim relates to and how you feel about the various options.

There are lots of positives and negatives to each course of action.

FCA Compliance

In any area of financial mis-selling (not limited to but including payday loans, SIPP’s, investment loss, mortgage breach, Consumer Credit Act) you are able to claim, without any fee being charged, against the regulated party directly AND if necessary via the appropriate Statutory Ombudsman or Statutory Compensation Scheme, e.g. The Financial Ombudsman Service (FOS) and where appropriate The Pension Ombudsman and/or the Financial Services Compensation Scheme (FSCS).

There is no reason why you would achieve a different/better result by instructing a solicitor or claims management company.  If you choose to instruct us to assist you with a financial mis-selling claim you confirm that you accept and understand the above.

More information on no win no fee claims can be found on this page.

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Below you will find some of our most commonly asked questions. Simply click or tap the question to view the answer. For anything else you can contact one of the team by emailing info@mylegalclub.co.uk.

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Why should I instruct a Solicitor via My Legal Club?

On 8th March 2019 we launched a twitter poll asking participants what their biggest consideration was when selecting a solicitor. Over 90% of participants in the poll voted in favour of a recommendation / recommended solicitor.

Who is qualified to recommend a solicitor firm? How do you know they have the expertise and ability to provide you with the best service possible at a great price?

The Management team at My Legal Club works within the legal services industry. We have cherry-picked the law firms across the country that we feel provide the levels of service that we would want if we needed help in that area.

My Legal Club ensures that the law firms have the correct accreditation’s and insurance in place to ensure your case is secure in their hands.

My Legal Club has a strict level service agreement and standards of customer service that must be upheld by their panel firms to ensure that their standards remain as high as possible and you receive the level of care and support you deserve.

All our member firms are solicitors of England and Wales and authorised and regulated by the Solicitors Regulation Authority. The Authority’s rules can be accessed via their website.

Any solicitor we refer you to is an independent professional, from whom you will receive impartial and confidential advice. You are free to choose another solicitor if you so choose but we would, of course, welcome feedback as to why.

Is My Legal Club a solicitors firm?

No. My Legal Club is not a solicitors practice. We are regulated as a claims management company and we are authorised by the Financial Conduct Authority (FCA). Full details are contained within our footer.

Does using My Legal Club cost me anything?

If you contact us wanting assistance with a legal query via our panel solicitors then My Legal Club do not take any money from you. We put you in touch with our highly recommended solicitors. When you speak with the solicitor they will then explain what they can, or can't, do to help and quote for any work you want them to perform.

It is more beneficial to be a Premium Member of My Legal Club as you also receive a large discount from the solicitors in the event that you require a solicitor or legal representation via My Legal Club.

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The vast majority of them yes - but not all of the benefits no. We would love to provide all of the benefits during the FREE trial period but sadly that isn't possible. Full details of the benefits and services available during the FREE trial period is confirmed on our membership pages and in our terms and conditions. 

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Yes. This is included below and within our Terms of Use.

We aim to identify those clients who may be at risk of being vulnerable by virtue of their age, disability or circumstance. This Policy is written as our commitment to such clients.

  • It is important to us that we are able to identify clients who may be vulnerable and we are committed to training all our team to identify key indicators such as age, disability or clients who find themselves in a particularly stressful situation where their judgment may be impaired or they may be vulnerable to influence or exploitation.
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