Whether you need help managing your finances, want to make an investment, or need some financial planning advice, you should be able to rely on the expertise of an Independent Financial Advisor (IFA).
Although financial advisors have a duty to provide advice that is appropriate for their clients and to help them avoid financial loss, this doesn't always happen and their negligence can have devastating results on your financial stability.
If you relied on advice from your financial advisor and this caused you to lose out financially, our Professional Negligence solicitors are ready to help you make a claim for compensation and help find the best resolution for you.
How Can I Find Out Whether I Can Make A Claim?
Although each case is unique, some common reasons for pursuing a negligence claim against an IFA include:
- Failing to gather the right amount of information about your financial situation
- 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 whether 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 advice or recommended course of action might impact your retirement
Sometimes it can be difficult to identify whether the service you received was in fact negligent. As the financial market is quite unstable and some investments are risky, it's important to note that not all financial loss is necessarily the fault of the financial advisor.
By speaking to one of our Professional Negligence solicitors, they can clarify your situation and let you know whether you have grounds for making a claim.
What Steps Are Involved In Making A Claim Against A Financial Advisor?
Usually, the process for making a claim is as follows:
- You'll first need to speak to one of our Professional Negligence solicitors, making sure that you give them as much information as possible – including the instructions that were given to the IFA. If an agreement was made with the IFA and a contract was drawn up, your solicitor will analyse its terms
- Following this, your solicitor will investigate whether the service you received led to financial loss, and they will 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 solicitor will make an assessment as to whether your claim is valid and outline the grounds you have for making a professional negligence claim
In most cases, your solicitor will try to resolve your claim at an early stage without starting formal proceedings. This will, however, depend on the nature of your case.
Is There A Time Limit For Making A Claim Against A Financial Advisor?
By law, you have 6 years from the date on which the negligence took place, or 3 years from the date when you knew you had suffered a loss, to make a claim.
Why Choose Simpson Millar?
When you've placed your finances in the hands of someone you believe to be an experienced financial advisor, it can be devastating when they let you down. It can be even tougher to recover from any financial loss you've suffered as a result of their negligence.
With offices in Manchester and Kingston-upon-Thames, our specialist Professional Negligence solicitors have years of experience in dealing with claims against IFAs.
We will identify whether you can make a claim for compensation and fight for you to receive the compensation that you're entitled to.
Please contact us with no obligation on 0808 129 3320 or get in touch through our online