Santander Premium Investment Accounts.

[DaveHerns]

The above have recently "given" me several £K's as a result of the FCA having concerns about the "advice and information" given to me. This payment represents services paid for but not received. I'm thinking that if they had given me the level of service and info I'd paid for, my investments might have done better. Much as I like my branch adviser I feel he's fudging the issue.
All the no win-no fee solicitors I can find only deal with PPI claims but I saw Santander had put £15m aside to cover claims. Can anyone suggest who to instruct in this sort of case
Thanks

 

[motorbiking]

don't be to eager to engage a solicitor on a conditional fee arrangement. If you can value your claim and negotiate a settlement then you may not need a lawyer at all. They may even fast track your claim before someone signs you up.

can you value your claim?

 

[DaveHerns]

I know these no win- no fee firms are vultures and only out to get their cut of your entitlement but I've got no hope of working it out for myself. Who's to know what my investments might have achieved with a bit more care and attention? I have until 22/11/16 to decide if I want to continue with Santander or cash in my investments ( probably with tax implications) How do I make that decision without knowing if they're going to deal with any claim reasonably?

 

[JohnD]

You can't claim just because your investment didn't make as much money as you hoped.

What is the basis of your claim?

Did you say you were a cautious/adventurerous investor, but have your money put into an adventurous/cautious fund?

Did you say you wanted a short-term investment but get sold a long-term one?

Why are there tax implications? Do you mean Capital Gains Tax on growth which exceeds your allowance? Or was it a pension scheme? Or an ISA?

 

[DaveHerns]

If I'd just missed out on a few meetings with the branch adviser to do a risk questionnaire I don't think they'd have given me £9000 odd. Santander were fined and have set £millions away for claims. Might as well see if any of that is coming my way for some new boy's toys for Xmas.

 

[JohnD]

so,

What is the basis of your claim?

 

[DaveHerns]

Greed. It's expensive living in Surrey.

 

[securespark]

Then move!

 

[motorbiking]

the number of high street bank managers who insist on visiting me in my home because i'm special only to tell me how much their fund will cost rather than make. . i like it simple - ishares. have been easy for me

but back to the op. sounds like you can't value your claim. first consultation is usually free, but i'd loook at other managed funds to see what yours might be worth.

a high street law firm won't be able to help.

 

[DaveHerns]

Then move!

That comment was for JohnD who has a thing about Surrey men.....

I've found a firm of vultures who advertise as dealing with Santander misinvestments. I'll have a chat with them to see if there's any potential in making a claim.

 

[motorbiking]

Having had 5 mins to look in to this it seems the opportunity is very specific to poor advice and a failure to notify customers of the cost of flexibility. You say you've already had some money paid back - be careful this was not in full and final settlement. The value of your claim is the difference between how it performed and how it should have performed if you were correctly advised, you'll need an independent expert for that. Be very careful about hiring on a CFA, it binds you fairly specifically and could end up with you being liable in the event you breach the complex terms. Also avoid any Credit Hire CFA, its the equiv. of an amigo loan.

If you have a case, it should be evident after a short consultation, you should haggle down the CFA share if possible or simply find a banking law firm who'll take you on fixed price.

This should be a low risk claim so CFA doesn't feel right to me.

 

[DaveHerns]

It all reminds me of my 40 years in insurance claims . Towards the end (2011) , credit hire, CFA's , no win -no fee solicitors were the scourge of the industry. No firm really wants to help you, they just want a slice of your compensation. However a lot of these firms set up because of a need created by legal aid being withdrawn.
Apparently Santander are doing a review of affected accounts and writing to us with offers or the 2 fingers. I'll wait for this in the first instance.

 

[motorbiking]

If you have a background in insurance, then consider it like any normal damages/ personal injury claim. If the other side makes a reasonable and fast offer, I wouldn't complicated it with extra costs. A few years ago I was punted off a motorbike by a driver who pulled out without looking. It took me 2 days to get through to my insurance company to make the claim, because every time I called so many of people on the broker side kept passing me on to 3rd parties for milking. I had a £6k ( probably the cheapest litre class bike money can buy - yamaha tdm900) hire motorbike the same afternoon, which I thought was provided by insurance. Apparently I ran up £7k in rental and finance charges before I'd even signed an agreement. In the end my claim for about £2.5k worth of repairs and replacement clothing was dented by ridiculous extra costs. My "lawyer" was fresh out of school and spent most of the time asking me about stuff.