Investment ISA mis sold

[pommy190780]

I have recently made a complaint to a company which i will not mention in regards to some financial advice i was given. Basically, we were saving for our wedding and had 3K plus we wanted to save on a monthly basis as well. i was told to invest in an ISA and another for my partner so we put 3K in to one and started saving £600 per month on another.

 

To cut a long story short we have lost over £1500 so we have made a complaint and taken all our money out and put it in the bank.

 

What sort of chance do you think i have of getting any compensation?

[pommy190780]

Can anybody help with the above? Thanks

[pumpkinette]

I work for a well known bank in the isa compliants / queries team. I would need more details but I know the customers that complain enough do get compensation.

Is the problem with the fact you would have been better saving in another savings account or with the type/ interest rates of the ISA itself?

[shywazz]

Shares..... ISAs.... any investments that people make, know full well the value can go down as well as up.... if you had made a profit would you be making a complaint ?

Investments are for the long term.................. Stocks and shares are tumbling at the moment, meaning great losses for many people, the rough with the smooth comes to mind.....

I've lost just over £3k in one month with the shares i bought from my employers, but i'm not blaming them and complaining, thats the chance i took and hold onto them with gritted teeth.....Good luck if you do decide to complain, but i wouldnt hold out for them to say oh sorry heres ur money back, you took the chance and it didnt pay of, better luck next time.....

[pommy190780]

Its not the fact that I've lost the money. I know they can and do go up and down but the specific Investment we were told to go in to was property & High Income. Now we all know whats happened to property.

 

The major problem that we are going with is that we told this Financial advisor that we only have 12-14 months. And for this type of ISA there are costs involved and even if the prices had risen we still would have lost money in that amount of time. It even says on the website that the ISA we had offers a tax efficient investment/income over the medium to long term. At no point were we ever going over 14 months. This is why i believe we were mis sold.

[pommy190780]

and hence should qualify for some sort of compensation

[pommy190780]

so, 4 weeks in now and they wrote to me explaining that they havent yet finished with there investagations and they would withing the next 4 weeks but if they didnt they would write to me again and tell when what i can do. i already know i'll be off to the Ombudsman!! will keep updated

[pommy190780]

well just to let everyone know that we received a letter from our Investment company saying they will pay us back our money plus the interest we would have earned. a total of £1600. thank you very much. It just goes to show, if you complain and you are in the right then you will get your money back!