Keeping Your Best Interests at Heart
Keeping Your Best Interests at Heart:
A Case Study of How We Helped an Investment Client
During our initial meeting with a new client it came to our attention that he had invested a significant sum of money some years ago (during the boom) with one of the major Irish banks, and that the investment had suffered a significant financial loss.
At the time of making the investment, our client was advised to invest a significant portion of his savings into a high risk investment. The client had no knowledge of the markets and believing he could trust the bank, he invested his money as advised.
Within a couple of years of making the investment, and much to his dismay, he had lost all of his money! Naturally, this experience had made him very reluctant to consider ever investing money again.
Something about this case didn’t sound right, so we asked our client to provide us with full details of the investment and documents that he signed and we referred him to Richard Fowler at Buckley Kiely Wealth Management, to review.
“From the day I met Richard and discussed my investment problem, all anxiety I had surrounding the issue which had plagued me for 6 years literally vanished. The advice I received was direct and delivered in a calm and detailed fashion. I was given honest advice which I really appreciated at that time. Richard took me through every step of the complaints process and I can honestly say that without his involvement I would not have gone through with it as it seemed a very daunting task.
Having completed a review of the details, it was our position that
- He had been sold an investment product that was totally unsuited – the product carried a high level of investment risk that was not appropriate to the client in view of his financial objectives, age, investment timescale and knowledge of investments;
- The advice provided no investment diversification as the product was invested in one asset which resulted in the investment representing more than 70% of his total assets;
- The risks involved were not clearly explained/outlined to him;
- The client was put under pressure to sign up to the investment on the same day;
- The product and advice was weighted much more in the banks favour than the clients.
After a detailed consultation it was agreed that we would help our client make a complaint to the bank to address the financial loss. The complaint was subsequently totally rejected by the bank, and thereafter, we made a claim to the Financial Services Ombudsman.
I am forever grateful to Buckley Kiely, and to Richard Fowler, in particular, for taking such a personal interest in what happened to my investment with the bank and for fighting my corner with me all the way to the Ombudsman. I am delighted with the outcome not least because I really didn’t expect it – the Ombudsman found in my favour and the bank has refunded 100% of my initial investment!
Unlike the bank, Buckley Kiely Wealth Management proved they have my best interests at heart and I would urge anyone who has experienced similar difficulties to myself regarding the miss-selling of financial investments to immediately contact Richard. He will help you understand your financial rights and get justice where it is deserved.” – Diarmuid C.
[Given the confidential nature of this information, we have protected our client’s identity].
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