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Mis-sold an investment product

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  • 20-07-2009 11:56am
    #1
    Oscar10
    Closed Accounts Posts: 15 ✭


    Has anybody ever been mis-sold an investment product over the last number of years....

    think I have just been mis-sold an insurance-based investment product from a financial advisor last year(won't name the institution)..

    wasn't made aware of the risks at the time and he didn't tell me the downside of the investment....

    would be interested in getting any feed back if someone had a similar experience

    Oscar


Comments

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    #2
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Firstly, I'll move this to Banking & Insurance & Pensions.

    Secondly, there has been a lot of activity recently in the area mis-selling mis-information of investment products and a fair few decisions have been made in favour of the consumer. I think that the Financial Services Ombudsman is the place to go.


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    #3
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    Have a look here for the latest reports from the Ombudsman:

    http://www.financialombudsman.ie/case-studies/case-studies-jul-2009.pdf

    I don't the individual circumstances but surely you received marketing literature, policy document etc.

    Would one be complaining if their policy had increased in significantly in value ?

    Be careful how you advance, you may very well have signed something like a statement of suitability or reason why letter. All investments can go up or down.

    Approach the bank in the first instance.


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    #4
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Go through all the documentation you received, especially the actual agreement/contract etc. Does this contain any warnings? If so, then you will have a hard (but not impossible) time trying to get compensated.

    In a nutshell, it's up to the advisor/seller to prove that they warned you (verbally or in writing). Once/if that is satisfied, it's then up to you to prove that the seller/advisor gave contradictory advice, or did something to play down the warnings etc. It's a tricky area that could boil down to a "he said, she said" unless both you and the advisor/seller have both retained your respective copies of the documentation.



    All complaints have to be made to the advisor/seller, who must then go through their internal complaints procedures. Only after that, can you take the case to Joe who is a legend at these sort of things, but a lot will depend on whatever evidence (original documentation) can be provided)


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