Professional Negligence Claims against Financial Advisors
If you’ve lost out financially as a result of the advice you’ve been given by an Independent Financial Advisor (IFA), our Professional Negligence Solicitors may be able to help you claim compensation.
Sometimes, it can be difficult to identify whether the service you received was in fact negligent, and it may be the case that not all financial loss is the fault of the financial advisor. That’s why it’s important to speak to one of our Professional Negligence Solicitors, as we can clarify your situation and let you know if you have grounds for making a claim.
For free legal advice call our Professional Negligence Solicitors. We may be able to deal with your claim on a No Win, No Fee basis – ask us for details.
Common Negligence Claims against a Financial Advisor
Although each case is different, some common reasons for making a professional negligence claim against an Independent Financial Advisor include:
- Offering you advice that the financial advisor isn't qualified to give
- Not properly explaining the risks involved with a financial investment, preventing you from making an informed decision
- Failing to assess if you can afford an investment or product before recommending it
- Advising you about financial products that aren't suitable for your needs
- Failing to consider how their financial advice or recommended course of action might impact your retirement
How to Make a Professional Negligence Claim
Usually, the process for making a claim is as follows:
Firstly, you speak to one of our Professional Negligence Solicitors, making sure that you give them as much information as possible, including the instructions that you gave to the Independent Financial Advisor (IFA). If an agreement was made with the IFA and a contract was drawn up, your Professional Negligence Solicitor will analyse the terms of the contract.
Next, your Professional Negligence Solicitor will investigate whether the service you received led to financial loss, and they’ll collect evidence that demonstrates the IFA's negligence. This may include seeking the opinion of an impartial expert, as their perspective will illustrate whether the level of service you were given was sub-standard.
Your Professional Negligence Solicitor will assess whether or not your claim is valid and outline the grounds you have for making the claim. In most cases, your Solicitor will try to resolve your claim at an early stage without starting formal proceedings, but this will depend on the nature of your case.
Time Limit for Making a Professional Negligence Claim
You can make a professional negligence claim within 6 years of the date on which the negligence took place, or in some cases this can be extended by 3 years from the date when you knew you had suffered a financial loss.
How Simpson Millar Can Help You
We will identify whether you can make a claim for compensation and if that’s the case, we can fight for you to receive the compensation that you're entitled to.
We may be able to fund your case through a No Win, No Fee agreement – ask us for details.
Our Professional Negligence Solicitors have years of experience in dealing with claims against Independent Financial Advisers, Solicitors, Barristers, Architects, Surveyors and Accountants.
We’re also members of the Professional Negligence Lawyers Association.
For free legal advice call our Professional Negligence Solicitors
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Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Bristol, Cardiff, Lancaster, Leeds, Liverpool, London and Manchester.