Complaint about financial advisor
Discussion
Mrs Griswold used a financial advisor for a number of years and recommended him to her parents approx 6 years ago. Never had an issue with him.
He arranged power of attorney for her parents and placed a property into trust and sorted out their will. This was approx 5 years ago and at the same time was arranging a mortgage for us.
The mortgage was very slow and he was the reason for it. We never thought anything of it until last week when her parents mentioned that they didn’t have paperwork for some of the things he had sorted for them. An appointment was made and she went and sat with them while it was discussed.
Their will is fine and all sorted.
The power of attorney was never arranged. We are now doing that ourselves.
The arranging of the property going into trust is what is causing concern. At the meeting he was unable to provide details for who arranged the trust and is unable to produce paperwork for the trust, something that her parents have never received yet 5 years ago he billed them 2k for arranging it and they paid in cash.
They have sent him away and asked for him to provide the details of who set up the trust, provide paperwork and who the trustees are……turns out her parents don’t even know that.
In my mind, he’s taken 2k and done nothing.
Waiting on him coming back, and he may well come back with all the details requested but I’m starting to think they’ve been ripped off, Mrs Griswold said there was a lot of squirming going on during the meeting when simple questions about the trust were asked.
If a complaint is needed, does it go via the FCA?
Thanks in advance.
He arranged power of attorney for her parents and placed a property into trust and sorted out their will. This was approx 5 years ago and at the same time was arranging a mortgage for us.
The mortgage was very slow and he was the reason for it. We never thought anything of it until last week when her parents mentioned that they didn’t have paperwork for some of the things he had sorted for them. An appointment was made and she went and sat with them while it was discussed.
Their will is fine and all sorted.
The power of attorney was never arranged. We are now doing that ourselves.
The arranging of the property going into trust is what is causing concern. At the meeting he was unable to provide details for who arranged the trust and is unable to produce paperwork for the trust, something that her parents have never received yet 5 years ago he billed them 2k for arranging it and they paid in cash.
They have sent him away and asked for him to provide the details of who set up the trust, provide paperwork and who the trustees are……turns out her parents don’t even know that.
In my mind, he’s taken 2k and done nothing.
Waiting on him coming back, and he may well come back with all the details requested but I’m starting to think they’ve been ripped off, Mrs Griswold said there was a lot of squirming going on during the meeting when simple questions about the trust were asked.
If a complaint is needed, does it go via the FCA?
Thanks in advance.
You'll need to complain to the adviser/firm, they have a max 8 weeks to provide a final response (they can take longer but need to make you aware of that and provide Financial Ombudsman Service referral rights at that point anyway) and you can then refer to the Financial Ombudsman Service if you are unhappy still.
towser44 said:
You'll need to complain to the adviser/firm, they have a max 8 weeks to provide a final response (they can take longer but need to make you aware of that and provide Financial Ombudsman Service referral rights at that point anyway) and you can then refer to the Financial Ombudsman Service if you are unhappy still.
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