There are many ways in which you may have been badly advised but the main reasons are:
You were not made aware of the risk of loss
You may have been recommended an investment that is difficult to sell, such as a property fund.
If you have been mis-sold or badly advised by your financial adviser, bank adviser or independent adviser you may be able to make a complaint and may possibly be eligible for compensation. Money Puzzle limited is an independent company dedicated to providing excellent service to our Customers and challenging Firms who have given bad advice.
Some ways you might have been mis-sold your investment:
- You weren’t told how your money would be invested
- You weren’t told about the risks involved
- The product didn’t suit your needs or attitude to risk that you discussed with the adviser
- Your future plans were not fully considered by the adviser
- The ability to sell the investment was not considered
- You may have been advised to buy property funds which can be hard to sell
- You adviser may have put too much money into higher risk funds and not enough in safer funds
Types of investments that you may have been advised to buy:
- Property funds
- Stocks & Shares
- Managed Funds
- Long term investments such as endowments policies
- Traded life policies
- Alternative investments
Alternative investments have been sold extensively during the last 10 to 15 years, often by people who have no training or qualifications, earning commissions of up to 35%. The term generally refers to unregulated investments which are very high risk.
You may have been advised to buy:
- Overseas villas or property
- Hotel rooms in the UK or overseas
- Shares in teak plantations in Brazil
- Green oil plantations in Australia or Brazil
- Storage Units
- Car parks
- Shares in collective investment schemes
This is only a sample of investments sold to people who were not Sophisticated Investors. They are very high risk investments and only suitable for a very few people. You may have been promised guaranteed returns. Double or treble your money, assured that it was totally safe and the companies have all been checked out. If you believe this has happened to you then you may have been mis-sold.