Investment compensation of £15,525.02 for Mr & Mrs K.

Mrs K contacted It IS Your Money regarding a number of mis-sold financial products, including a Personal Equity Plan. One quick conversation with our sales agent and the reasons were highlighted as to why the product had been mis-sold to her i.e. the level of risk was not properly assessed. The necessary forms were sent out and, when signed and returned, we put the wheels in motion.

We first had to request policy information from the provider involved, Scottish Widows, as Mrs K no longer had access to those details. On receipt of this information, our experienced claims managers examined the file a built a picture of the investment to include any subsequent withdrawals and ultimate encashment.

We then completed a Savings & Investments questionnaire with Mrs K, to establish her personal circumstances at the time she made the investment and the years following this. We built a tailored, bespoke Letter of Complaint and passed all relevant information to the firm.

The investigation resulted in a decision to uphold the complaint and to carry out a complex calculation, involving a comparison of the value of the Investment plan to an equal combination of the published Bank of England Bond Rate and the Wealth Management Association Stock Market Income Index which was considered more suitable due to its lower risk level. The total figure calculated was £15,525.02. We checked this figure thoroughly for accuracy and proceeded to call Mrs K to confirm to her that we had received it and that it was correct. A cheque for that amount was forwarded to her almost immediately.

Mrs K was obviously extremely happy with the result as she has had to do minimal work on the complaint. Our claims managers have handled this for her and kept her informed all the way through.

If you think that you have personally been mis-sold an Investment product, then we can help.

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