How was my mother to know that?Investment products of this type are typically regarded as requiring a 5 year period before they start to show gains.
If you have decided to make a complaint then forget about phoning. Write a letter clearly setting out your complaint and what sort of remediation you expect. See how that goes and take it to the FSO eventually if necessary.Thanks, that's what we plan to do. My mother has a call into the bank and is waiting for them to phone her back.
Investment products of this type are typically regarded as requiring a 5 year period before they start to show gains.
Many people often use the rule of thumb that it only makes sense to invest in equity based investments for 5 (or maybe even 10) plus years after which they might be expected to show reasonable gains. Ultimately the longer you can invest for the better when it comes to equities.I have read this 5 times and it still makes no sense to me, please explain
Maybe you should have gone with your mum if she was not able to understand the product she was being sold. I think it`s unfair to blame the FA in this instance, if the investment had gone up I`m sure you wouldn`t be bothering to get in touch with the FA to thank him/her?Don't know what she signed but doubt she would have read it. She would have taken the FA at his word and trusted him. She's been with this bank all her life and is loyal to them. I know it would have been up to her to read it but the FA should have been upfront with her.
if the investment had gone up I`m sure you wouldn`t be bothering to get in touch with the FA to thank him/her?
Had she known it was a five year investment, she would only have put away part of the money and kept the rest in an easily accessible risk free account.
She should also have been accompanied by someone with a bit of savvy in this area.
If the "financial advisor" is a tied agent then that's not a bad idea. Is that the case here?Ok, if you visit an FA make sure to bring an FA with you.
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