fbpx

Call us now on

0800 652 0586

Get in touch

Call us now on 0800 652 0586

All enquiries are free of charge and without obligation

You are here: Carter & Carter / Claiming Compensation / Professional Negligence Claim / Mis Sold Investments / £35,000 Mis Sold Investment Claim
Pound Symbol mad with Coins

£35,000 Mis Sold Investment Claim

Mis-sold investments can ruin a retirement.. has yours been ruined?

Pound Symbol mad with Coins

Circumstances

David Healey, a specialist Solicitor with Carter & Carter Solicitors, said:

Our client contacted The Pension Drawdown Company Ltd for financial advice in 2006 about investing his retirement pot.  Over the 8 years during which The Pension Drawdown Company invested the Claimant’s money, he lost a significant amount but could not work out why.

He came to us and we applied for copies of his paperwork so we could establish what his money had been invested into and what charges he had been paying to The Pension Drawdown Company.

When we got the paperwork back, we carried out a detailed forensic analysis with the Managing Director of Nestor Financial Group Limited, Nick Leech, and agreed that our client’s investment plan had been carried out poorly by The Pension Drawdown Company.

100% of our mis-sold investment claims are made on a No Win No Fee basis which means that you do not have to worry about any financial risk at all as if your mis-sold investment claim is unsuccessful it will not cost you anything.

Liability/Blame

After sending a detailed Letter of Claim to The Pension Drawdown Company, they informed us that they were acting under the authority of Burns Anderson, a Network Provider who were unfortunately in administration.

It transpired that when Burns Anderson had gone into administration, The Pension Drawdown Company changed to a different Network Provider.

Unhappy that The Pension Drawdown Company seemed to be able to avoid liability for what we saw as their negligence, we contacted various different companies and bodies to establish whether we could make the claim directly against The Pension Drawdown Company given they were still trading and very much active.

Chat to our No Win No Fee Solicitors on freephone 0800 652 0586.

What we argued

If a company such as The Pension Drawdown Company offer you financial advice and carry out investments on your behalf, they have various duties towards you to ensure as best they can that you do not lose money.  We had a number of allegations against The Pension Drawdown Company and here are the breaches of duty which we alleged:

  • An express contractual duty to provide those services
  • An implied term to exercise reasonable care and skill in the performance of the retainer (implied pursuant to Section 13 of the Supply of Goods and Services Act 1982)
  • A statutory duty to comply prior to 1st November 2007 with the COB Rules (Conduct of Business) and to comply with the COBS Rules after 1st November 2007
  • A duty of care at common law to exercise reasonable care and skill (for the avoidance of doubt, it is averred that fulfilment of this duty required compliance with the COB and COBS rules)
  • A fiduciary duty to act at all times in the best interests of our client

Financial Services Compensation Scheme (FSCS)

Unfortunately, the current position is that we could not pursue The Pension Drawdown Company directly which our client was bitterly disappointed about.  He had been advised by an active company yet they were able to hide behind a company which was in administration.

We then made a successful claim to the FSCS and our client was quite rightly awarded £35,000 in mis-sold investment compensation.

Conclusion

Our client suffered significant financial losses as a result of negligent investment advice.  Despite exhaustive enquiries, our client was finally able to rely on the fallback position which is provided by the FSCS. 

How can Carter & Carter Solicitors help?

David Healey at Carter & Carter Solicitors is very experienced in handling mis-sold investment claims.   If you call him on 01663 761 892 or email him at david@candcsolicitors.co.uk he will discuss for free how we can help.

100% of our mis-sold investment claims are made on a No Win No Fee basis which means that you do not have to worry about any financial risk at all as if your mis-sold investment claim is unsuccessful it will not cost you anything.

Meeting Us

We are able to give you immediate legal representation no matter where you are in England, Scotland or Wales. We also provide urgent:

  • Home visits
  • Face to face meeting at one of our private meeting rooms based in most UK cities

because……if you don’t ask you’ll never know!

Make a free enquiry