Property Bonds

Bob Z

i have an aunt who invested money in property bonds a number of years ago. However at the time she didnt know anything about it. She is totally not into shares or taking risk. The person who worked in the bank told her there was no risk involved. Recently she checked thinking there was alot of money waiting for her. However most of the money is gone and she is very upset and she dcided to complain. However the bank is telling her that she met a different person and that the risks were explained to her. But she has never met this person
So i was wondering
1) Is there much point complaing
2) Why is the bank denying the person she met and instead saying she met another person? Could it be the original person wasnt authorized or qualified?

MrMatisse

1)Definitly complain to Ifsra

2) Very Likely

woodseb

the financial ombudsman would be the person to contact here

If she has formally complained to the bank, received a 'Final Response' from them and is not happy with that response, she take it to the Ombudsman.

This may help.

Bob Z

she already has complained. But will it do any good? Will it be just her word against theirs?

ferga_com

Depending on how many years ago it was, the bank may have had an obligation to document the advice. Even if not, the Ombudsman would expect the bank to have some form of file where the advice given would be recorded. The fact that a different employee gave her the advice is irrelevant - she received the advice from the bank, which is still in existence.

Definitely worth contacting the Ombudsman.

Bob Z

ferga_com wrote: »

Depending on how many years ago it was, the bank may have had an obligation to document the advice. Even if not, the Ombudsman would expect the bank to have some form of file where the advice given would be recorded. The fact that a different employee gave her the advice is irrelevant - she received the advice from the bank, which is still in existence.

Definitely worth contacting the Ombudsman.

Yes they have kept a record. But the record backs up what they are saying. The person she met was a female teller. But the person who signed everything was a male. He says that he advised her against property bonds. But she never even met him!! I dont know if the files were signed by him at the time or if they were signed recently

ferga_com

Okay - this has taken a more sinister turn. Your accusation is now not just poor advice (which is definitely within the remit of the Financial Services Ombudsman) but also fraud - you allege that the documentation by the bank claims that someone she never met gave her financial advice.

I'm not sure where this will end up, but I suspect the Financial Ombudsman should be your first port of call. He is an impartial operator and so has no reason to believe the bank above you, or vice versa.

Bob Z

ferga_com wrote: »

Okay - this has taken a more sinister turn. Your accusation is now not just poor advice (which is definitely within the remit of the Financial Services Ombudsman) but also fraud - you allege that the documentation by the bank claims that someone she never met gave her financial advice.

I'm not sure where this will end up, but I suspect the Financial Ombudsman should be your first port of call. He is an impartial operator and so has no reason to believe the bank above you, or vice versa.

Thanks for the advice. She has been in touch withthe ombudsman. She has asked the bank for a final respnse letter but they havent sent it yet. They sending her letters 'clarifying' that she met this other person(who she didt meet). My guess is that they are afraid to commit to this


One of the letters said that he advised her against inbvesting in property bonds because they are risky. But my aunt has absolutely no history speculating. She would never risk her money in anyway.

Also one of the letters she got gave the name and account numbers of a couple of other customers. Is this against data protection laws?

pocketdooz

Bob Z wrote: »

Thanks for the advice. She has been in touch withthe ombudsman. She has asked the bank for a final respnse letter but they havent sent it yet. They sending her letters 'clarifying' that she met this other person(who she didt meet). My guess is that they are afraid to commit to this


One of the letters said that he advised her against inbvesting in property bonds because they are risky. But my aunt has absolutely no history speculating. She would never risk her money in anyway.

Also one of the letters she got gave the name and account numbers of a couple of other customers. Is this against data protection laws?

Hire a lawyer.

Maintain dialogue with the Ombudsman.

Good luck.

ferga_com

Bob Z wrote: »

Thanks for the advice. She has been in touch withthe ombudsman. She has asked the bank for a final respnse letter but they havent sent it yet. They sending her letters 'clarifying' that she met this other person(who she didt meet). My guess is that they are afraid to commit to this

I think there's a maximum period for the bank to produce a final response letter. Check with the Financial Ombudsman's office.

Bob Z wrote: »

Also one of the letters she got gave the name and account numbers of a couple of other customers. Is this against data protection laws?

Yes. Out of curiosity, in what context was such information put in the letter?

Bob Z

ferga_com wrote: »

I think there's a maximum period for the bank to produce a final response letter. Check with the Financial Ombudsman's office.



Yes. Out of curiosity, in what context was such information put in the letter?

I think it was money that was deposited on the same day

Bob Z

They want her to meet the with bank and a mediator. What exactly will happen?

damnyanks

A lot of cases like this goto the ombudsman. He has a good record. Check it out.