Negligent Financial Advice

It is not uncommon today for individuals to make use of Independent Financial Advisers (IFA) when looking to make investments or considering their financial position.

IFAs can undertake many roles, but generally they should ensure that the recommendations they make are suitable for your needs and take account of your risk profile. They are not responsible for the buoyancy of the investment itself as there is never any guarantee. Wealth management is an area they are meant to be experts in.

As specialists in their individual field, we expect them to handle the work professionally, competently and to advise us in accordance with what our needs are and what is in our best interests.

Examples of negligence:

• Recommending investment products which do not match your needs and risk profile

• Providing wrong or insufficient advice concerning investments

• Recommending unregulated, high-risk products

• Providing inappropriate advice in respect of the investment of funds derived from a re-mortgage

These are just a few of the more common types. Each case will turn on its own facts.

It is important on each case to understand what the duty owed by the IFA was and being able to prove they have breached that duty and consequently you have suffered a loss.

How To Claim

First get in touch for a free discussion about the facts of your claim.

If you have some paperwork including the retainer/letter of engagement it is useful to consider this.

Likewise if the failings and the issues have been brought to your attention by another IFA (which is not uncommon) then an understanding of what they consider has happened is useful.

If we believe from what you tell us there is a claim to advance, we will need to review the papers which the IFA may have (unless they have been sent to your new IFA) and will arrange for them to be sent to us.

When looking at what should have been done and what was done, it is important, to obtain the professional opinion of another IFA who will review the papers and provide us with a view on what the duty was and the breach and explain what the overall loss is to you. In addition, we will need them to calculate what the loss is.

Once we can, we will set out your claim to the IFA and will attempt to settle your claim without the need for court proceedings.

We will advise you throughout of any offers and will recommend settlement on terms which are to your advantage along with a recovery of the legal costs involved in bringing the claim.

Time Limits

There are strict time periods within which a claim must be presented to the court (The Limitation Period). This is 6 years from the date of the negligence or 3 years from when you knew or ought to have known you have suffered a loss. The earlier you contact us the better.

Specialist lawyers for claims against IFA's

At Taylor Rose, we have a team of Professional Negligence lawyers. They are all members of the Professional Negligence Lawyers Association (PNLA) and have many years handling all types of professional negligence claims.