It is not only potential fraud victims that we try to help, but also people who may have experienced unsuitable or inappropriate advice.
Before contacting Ellis Bates, a client was advised by a rogue firm to transfer her Local Authority Final Salary scheme to a self-invested personal pension plan (SIPP) based in Malta.
Our client proceeded with the adviser firm’s recommendation but soon became concerned about the original advice and subsequent extremely poor investment performance. A complaint was lodged with a human rights organisation called Redress, however, Redress’ fees in connection with seeking compensation would be £50,000.
The client met us at the beginning of 2019 and we strongly believed that, due to the personal circumstances of the client, they should have been treated as a vulnerable client throughout the process.
We met with both the client and her sister and talked it through with them. We recommended they contact the Financial Ombudsman Service (FOS) directly. We helped the client fill out the forms from the FOS and supported them along the way.
“We met with both the client and her sister and talked it through with them.”
The client was awarded with the maximum compensation amount of £85,000; £50,000 more than if the client had progressed their complaint with Redress.
The rogue firm is now no longer operating. We were delighted with the positive impact we were able to have on the client’s financial and emotional wellbeing and the help we were able to offer.