Claims Against Financial Advisors
Most of us will want to seek advice from a professional if we have money to invest and you’ll probably want to speak to a financial advisor or wealth manager. By using a professional, you feel that you can rely on the help and advice they give you.
Thankfully, you can rely on the advice given by a financial advisor most of the time, but sometimes they do get it wrong. If you can show that the advice you were given was wrong and that you lost money as a result of their poor advice, you may have a professional negligence claim against your financial advisor.
If you think you’ve been let down by your financial advisor, we can help.
How do I know if I have a claim?
When you employ a financial advisor to give you advice and carry out financial investments for you, you expect to receive a service which reflects the trust you’ve put in the financial advisor or wealth manager you’ve appointed. As with any other professional, financial advisors owe you, their client, a contractual duty to carry out your instructions with reasonable care and skill. Alongside their contractual duty, they also owe an implied duty to meet the standards set out in their regulatory body’s code of conduct.
If your financial advisor does not meet these standards and you suffer a financial loss because of their advice, you will have a claim against your financial advisor.
Some examples of valid claims against wealth managers or financial advisors are:
- Giving clients advice to invest in unsuitable high risk schemes
- Advising clients to invest in unsuitable pension schemes
- Not considering whether the investor can afford the investment or product
- Advising an investor to engage in hopeless tax avoidance schemes
These are only a few examples and if your particular circumstances are not listed here, it does not mean you cannot make a professional negligence claim.
We can tell quite quickly if you have a claim, so call now and speak to one of our experienced professional negligence solicitors.
How can I afford to make a claim against my financial advisor?
You are probably worried about how you can pay for a claim for compensation from your financial advisor and there are a few options.
We’ll take the time to talk you through all your options once we’ve established whether you have a case or not and we can offer you advice on which option we think may suit you best.
We do offer no win no fee, also known as a conditional fee agreement, on some cases but we will discuss that with you when we talk about funding your claim.
All independent financial advisors have to have professional indemnity insurance in place. When you make a claim against a financial advisor, their insurance company will pay any compensation due.
How long do I have to make a claim?
There is a time limit in professional negligence claims called a limitation period. This is the time you have in law to make a claim against any professional who has been negligent.
The limitation period in a professional negligence claim is normally six years, but it’s important to get advice as soon as possible.
There are some circumstances where the six year time limit can be extended, but they are rare.
How long will my claim take?
It really depends on how complicated your case is and the value of your claim. Most cases are settled before they go to court and we have successfully negotiated good settlements for our clients without having to go to court. You can read more about how the Claims Process works here.
Why Choose Meade King?
Our team of specialist solicitors can help you to understand if you have a claim for professional negligence against your financial advisor. The team has more than 70 years’ experience between them and all our professional negligence team are members of the Professional Negligence Lawyers Association.
We know how important it is that you feel at ease talking to us, so we won’t use legal jargon and we’ll always keep you up to date with your claim at every stage.