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.
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