The public rely heavily on financial advisers to navigate them through a bewildering choice of financial products in order to make best use of their money, protect their assets and make adequate provision for their future.
Many so-called independent financial advisers were independent of particular institutions but may not have been truly independent, where they were remunerated by commission rather than an hourly or fixed fee. Unfortunately, a lot of people have been provided with poor investment advice and have pensions, savings plans and other products which come with high commission without any particular benefit to the client.
Financial advisers owe their clients a duty of care to provide the best advice suited to the clients’ needs, sometimes called a fiduciary duty. This duty reflects the very complex nature of financial products and the fact members of the public rely so heavily on the advisers’ advice.
The financial adviser will need to be able to justify the advice by reference to a range of products which were available. It would be all too easy for an adviser to simply recommend products for which he or she is familiar or which provide lucrative commission. The advice needs to be in their clients’ best interest.
Examples of financial adviser negligence
- Advice based on commission rather than best advice for client
- Failing to provide adequate advice on the risks of any investment
- Poor Mortgage advice or mortgage mis-selling
- Poor investment advice
- SERPS mis-selling
- Pensions mis-selling
Financial adviser negligence claims
If you have received poor service or suspect that your financial adviser is not working to your best interests, get in touch with Redress Law today. We can provide you with the expert advice and assistance necessary to make a claim. Our expert solicitors are here to guide you through every step of the claim and can offer redress on a no win no fee basis for most cases.
Get in touch with our team on 0292 0507 507 or click here to email us for a free no obligation assessment of your case.
