Independent financial advisors (IFAs) must consider all products on the market which may be suitable to clients at the time of their advice, if they have not done so, they may have been negligent and clients may be entitled to compensation.
Although this is the most common circumstance leading to a claim, there are also many other scenarios where action can be taken against an IFA
In cases against IFAs, clients must be able to establish the following:
- The IFA owed a duty to the client.
- The IFA failed to deliver adequate or competent service or advice.
- This advice or service was responsible for causing the client financial loss.