Prudential - Investment Disaster

[CMedinburgh]

How we ended up "investing" with the Prudential is too long a story, but it is a joint investment with my brother and we ended up "investing" with Prudential.

From the initial contact by the IFA this was a disaster, wrong advice, confusing information, repeated forms to complete while the sum to be invested sat uncashed - just unbelievable.

Over a year after the "investment" the value of the funds has collapsed, but we still get wrong information every time we ask anything. Our questions are ignored or "accidentally" answered with the wrong details or documents.

So now enough is enough - I will now make a formal complaint, and take it as far as I have to.

What rights have I to request or require Prudential to provide copies of all paperwork and emails relating to the "investment"? If I need a court order I will get one, they just pushed me one stage too far. But I need to know my rights at this stage.

And any advice on wording appreciated.

Oh - one tip for others - had we left the cash in a Building Society it would have grown 7% since "invested" - the Wise Men at the Pru have reduced it to 70% of its initial value!

[martin2006]

Ok first the value of some investments can fall as well as rise. More details are needed regarding what type of investment you made and whether it was guaranteed return etc.

[CMedinburgh]

Martin

Yes I realise that the investment value could fall - but the background is that the cash was being invested with minimum risk for my father (to cover his care). As such investing in unit-linked investments was not the best as it has worked out.

However that is not my question - I want to know what legal rights I have to request and require the IFA and Prudential to release all internal correspondence relating to the unbelievable mess they have caused here. In 15 months I have only had ONE communication that was correct, and am fighting to get basic documents correctly sent to me. I want to know if I can get hold of all of it - then decide if I want to go to the Ombudsman for mis-selling and maladministration.

[letshelp]

Hi CMedinburgh,
I would suggest your first course of action is to follow the 'Pru's' complaints procedure. I would also send them a, Subject Access Request which should give the information you are seeking. You need to exhaust the complaints procedure before you can complain to the regulatory bodies, so get started and good luck.
regards

[CMedinburgh]

Hi

Thanks - that is exactly what I needed to know.

I already tried the Pru's 'Complaints Procedure' (a right, royal waste of time).

So now I have sent the Subject Access Request request.

I have decided to take this as far as I need to, even court action if I have to.