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mis-sold investment to a retiree

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  • 25-03-2014 8:49pm
    #1
    Miname
    Closed Accounts Posts: 1,984 ✭✭✭


    Hi, this isnt exactly my usual cup of tea but recently my father asked me to look at a letter that he received from what he thought was a good investment. when i read down through it he had invested a fairly sizeable amount with a broker into what he thought was an investment however it turns out it was a life assurance policy that wa based on a property portfolio which has since collapsed, thus negating nearly all he invested. I know people are going to say "well its happened to loads of people" however this policy was sold to him when he was 65 in what i would class as high risk. He has absolutalely little or no idea of investments nor do i and was basing this on the advisors advice who he would have classed as a family friend. This is the first of all this i am aware off as i try not to get involved in their finances.
    Is their any recourse for them, i am going to e-mail the ombudsman and see what happens from there, if anyone can shed some light please feel free to do so, surely they shouldnt have sold something like this to them.


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    #2
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    I have very limited knowledge of this sort of thing but have a relative who ended up in the same sort of situation.

    1st of all, google the fund and see if there is a body of unhappy people and contact them and see what the story is.

    I think you have to raise a complaint with the broker ( I know this seems useless) before you continue to the ombudsman.

    Does your father have any of the original brochures etc? Are there any notes made on the brochures, Were any promises made that were totally incorrect?

    If you are complaining that it was missold then time may be running out under the 6 year rule.


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    #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,280 Mod ✭✭✭✭Jim2007


    65 year olds, are adults and are just as entitled to invest in high risk situations as the next. The fact that he lost a bundle does not mean that there was mis-selling involved. You also have to keep in mind that until recently property was considered the safe option.

    On the current information, I do not see where the mis-selling comes in...


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