Recent reports that a handful of law firms are currently investigating potential claims against the financial services provider, Hargreaves Lansdown and their involvement in the funds run by the now infamous Neil Woodford, prompted serious debate within our office as to the potential merits of such claims and what would be needed to have a successful claim.
The old adage of financial advice that, “the value of stocks and shares can go up as well as down” is never truer. However, a particularly interesting point in relation to Hargreaves Lansdown clients will be those classes of claimants who have received formal and specific advice to invest in a product and those who invested based on representations within a promoted “wealth list”.
The background into the relationship between the fund itself and the companies that promoted investment will also be crucial – who knew what and when and should they have done anything about it? This brings into play both regulatory and legal issues and ultimately the question of assumption of responsibility.
It will also be interesting to see in due course what the stance of the Financial Ombudsman Service will be – will it get involved in the issue head-on or only from other angles such as continuing fund and management charges and/or delays in transferring out of the investment?
At this stage there are probably more questions than answers but is unlikely to be the last you will hear on the subject.
TLW Solicitors are currently helping clients who have been the victims of financial mis-selling, in particular those who were advised to invest in unsuitable high risk products within a pension scheme or Self Invested Personal Pension (SIPP).
If you think you or a loved one or friend may have lost out financially from an unsuitable or high-risk investment please get in touch for a free, no-obligation discussion.
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