The vast majority of people probably think that they have never used or don’t need a Financial Advisor but what happens if you do and there is Financial Advisor Negligence? When you opened a bank account, bought your first house or even bought a car you may well have spoken to a Financial Advisor. Amazingly, sometimes the advice we are given by Financial Advisors is not in our best interest and in cases like this, you may be entitled to financial advice compensation due to Financial Advisor negligence.
It is well known that in addition to being paid a salary, Financial Advisors also receive a commission payment for every product which they sell to a customer. Generally speaking, the riskier the product, the higher the commission due to the potential greater rewards and it is this potential conflict which can lead to Financial Advisor negligence.
Can you be sure that your Financial Advisor was acting in your best interests? Your Financial Advisor will have a monthly and annual financial target and will receive a bonus if they hit that target which can again result in Financial Advisor negligence as undue influence by the Employer means extra pressure both performance and financial.
Examples of Financial Advisor Negligence
If for example you were looking for a mortgage, your Financial Advisor could easily recommend that you take a mortgage which pays him a higher commission than a different mortgage which is a prime example of Financial Advisor negligence. Alternatively, you could have purchased life cover or critical illness cover, again, are you sure the product you signed up for was the best one for you or did it pay the biggest commission, another example of Financial Advisor negligence?
If you need a Financial Advisor you need something specialised doing which you haven’t got the expertise to do yourself. Can you be sure they are acting in your best interests? If they haven’t you may be entitled to make a financial advisor claim and claim back financial advice compensation due to Financial Advisor negligence.
Areas where Financial Advisors are paid commissions and may have their loyalty swayed are:
We Can Help with Financial Advisor negligence
- Have you suffered a financial loss due to a Financial Advisor negligence?
- Do you need to sue a Financial Advisor?
- Do you need to make a claim due to Financial Advisor negligence?
- If you do, you could make a professional negligence claim for financial advice compensation due to Financial Advisor negligence?
How long do I have to claim after Financial Advisor negligence?
If the professional negligence occurred in England or Wales and you are only trying to claim back money, you have 6 years from the date of the professional negligence to make a professional negligence claim against a Financial Advisor.
If you need to sue a due to Financial Advisor negligence we can help
We are experienced professional negligence Solicitors and specialise in dealing with professional negligence claims due to Financial Advisor negligence. We will run your financial advisor claim against the responsible professional to ensure that you receive the maximum amount of professional negligence compensation.Make a free enquiry