If you have received bad financial advice, you should start by making a formal complaint with your financial adviser and their company. If their response is unsatisfactory, you can appeal to the courts or to an industry complaints scheme such as theFinancial Ombudsman Service(FOS). There are advantages and disadvantages when going to FOS or court, and there are important time limits for lodging disputes. Taxcellent Consulting Services experienced financial advice dispute lawyers can advise you about this and represent you in the formal complaint stage as well as at FOS or in court.
Financial Ombudsman Service
(FOS). There are advantages and disadvantages when going to FOS or court, and there are important time limits for lodging disputes. Taxcellent Consulting Services experienced financial advice dispute lawyers can advise you about this and represent you in the formal complaint stage as well as at FOS or in court.
Financial Ombudsman Service
Advantages
- No fees are charged by FOS.
- You don’t have to pay the financial advisor’s legal costs if you are unsuccessful.
Disadvantages
- Disputes can take longer to resolve (currently 18 months to two years).
- Settlements are less likely.
- No compensation is received for indirect loss.
- A $309,000 cap is set on the compensation payable.
Court
- No cap is set on compensation payable.
- It is usually quicker than FOS.
- Settlements are common.
- Financial advisors can be compelled to provide relevant documents.
- Discovery is compulsory.
- Compensation for loss of opportunity can be awarded.
- Disadvantages
- It’s expensive if you lose.
- There is a risk of adverse costs orders.
Disadvantages
- It’s expensive if you lose.
- There is a risk of adverse costs orders.
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