When you seek paid advice about a financial product or service, you have every right to expect that the investment professional will take full account of your particular circumstances. In the event that the advice you receive is negligent or unsuitable and it causes distress, inconvenience and financial loss talk to the professional negligence lawyers at Healys to bring clarity and purpose to your next steps.
Independent financial advisor negligence
Independent financial advisors (IFA) have a duty to research the entire market, usually on the basis of a flat fee from you. As the name would imply, IFAs are in some ways the only truly independent advisors available to clients – as such, if they acted in a partial or self-interested way, it may be easy to prove that this constitutes negligence.
Whole of market advisor negligence
A whole of market advisor is distinct from other types of advisor as, by definition, she or she is obliged to consider the suitability of products from the entire market. This fact can be crucial to a professional negligence claim in that products must be “optimal” for client circumstances rather than merely “suitable”.
Despite being ‘whole of market’, these types of advisors are still entitled to receive commission from the providers they recommend.
Tied advisor negligence
Tied advisors are limited in that they may only recommend products from a single provider. However, it may still be negligence to recommend a product to a client if it is clearly unsuitable.
Multi-tied advisor negligence
Multi-tied advisors have a wider scope of products to offer a client because of their broader and more varied affiliations. However, just as with a tied provider, multi-tied providers are entitled to tell clients if they do not possess a suitable product. Failure to do this may constitute professional negligence.
Professional negligence partners in London and Brighton
Healys LLP provides clarity, direction and conviction to the professional negligence claims process. We work with determination and imagination to, where possible, settle cases outside of the courts system. However, where necessary and advisable, we will take robust action through the court system.
Call our Brighton and London offices today, on 020 7822 4106 or click through to find out more about our individual partners.