Healys are experts in dealing with IFA Professional Negligence Claims, contact us today. We offer free initial advice on your claim and, if you wish to proceed, we offer a “No Win No Fee” service in the form of a Conditional Fee Agreement.
Independent financial advisors (IFAs) are regulated by the Financial Services Authority (FSA) and are bound by a strict code of conduct. The FSA was established to protect the rights of investors and to ensure that finance professionals act with integrity by providing sound, honest and suitable financial advice to clients. In cases where negligence occurs, it may be possible for the client to make an IFA professional negligence claims.
The FSA provides a helpful register of FSA-regulated firms and individuals .
Choosing an advisor regulated by the FSA is an important first step to ensuring the right advice.
All IFAs should have a stringent and client-friendly internal complaints process. Sadly, however, this is not always the case. Those clients who receive no satisfaction from the internal complaints procedure may take their cases to the Financial Services Ombudsman , which will, if necessary, conduct an independent investigation and award compensation where appropriate.
Losing money on an investment will not, in isolation, give grounds for a successful compensation claim. Even if an investment has lost significant value, if the IFA in question has followed the financial regulator’s code of practise, acted competently and represented the client’s best interests in an honest and suitable way, there will be no grounds for an IFA professional negligence claim.
In general terms, the test for IFA negligence is whether the advice was of a standard that would be expected of a reasonably competent and diligent professional. Furthermore, for a claim to proceed it must be proved that the client suffered significant financial loss.
All IFAs have a duty of care to their clients. As such, if they falsely or negligently represent their services and the terms of investments, clients may have grounds to recover any consequent losses.
The following are some examples of cases where valid grounds for a negligence claim against an independent financial advisor may arise:
The professional negligence lawyers at Healys work to ensure that clients receive clear and in-depth advice about proceeding with an IFA professional negligence claim.
Call our Brighton and London offices today, on 020 7822 4106 or click through to find out more about our individual partners.
31st January 2017
Our client, a property developer was in the process of obtaining a property. The case involved two law firms that acted for the buyer & seller. After the transaction was complete, the client discovered that the seller had committed identity fraud and lost a considerable amount of money. Issues included breach of warranty of authority and breach of trust on the part of the solicitors who acted on behalf of the fraudster; the scope of the duty of care of the firm acting on behalf of our clients and whether the clients’ consequential loss of profit was recoverable at law. Continue reading »
Our client divorced with his wife and asked his former solicitors to take on his case. After completing procedures, he realised that the law firm had not protected his interests & assets. Continue reading »
Our client’s claim arose out of the failings of her former solicitors to deal with her divorce. This included the dissipation of assets held by the husband in Hong Kong by way of freezing orders. The claim focused on conflicting evidence between the client and husbands solicitor. Continue reading »
Our client had a previous claim with another law firm in relation to his property being undervalued when sold. Unfortunately our client received poor advice from the previous law firm which resulted in him loosing the initial claim against the mortgagee and valuer. Continue reading »
1st January 2017
Our client needed advice regarding an Under-Lease, and so they approached a firm about their issue. However, our client soon realised that the firm had given incorrect advice. He decided to contact Healys in order to make a claim against the law firm for failure to advise properly in relation to the purchase of an under-lease, the terms of that under lease, the status of the head lessee and rental payment terms. Continue reading »
25th January 2018
David Bailey, Partner in the Dispute Resolution team, discusses the question in the Times Newspaper.
Mediation is generally a cost-effective alternative way to secure dispute resolution. These days, typically in commercial cases, parties arrive legally tooled up with a full set of solicitors, barristers and experts, much as they would for a trial, and act accordingly. Continue reading »