Proving advisors failed in their duty of care towards a client or acted negligently in carrying out their duties. As a result of an investment advisors advice, an investor may be left in a serious position financially where an investment product files.
Claims for negligent investment advice may involve financial loss as a result of:
• FCA also deals with consumer complaints regarding financial services companies
• Tax complaints can be made to the Taxation Disciplinary Board (TDB), or the Federation of Tax Advisors (FTA), or the Chartered Institute of Taxation (CIOT), if the tax advisor is a member of one of these professional bodies.
• The Association of Certified Chartered Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW) also offer a limited complaints procedure in cases of negligent accountancy in investment advice.
• The Pensions Ombudsman investigates and adjudicates on complaints about pension schemes, but any compensation awarded may be limited.
• Limitation for suing investment advisor is six years from the fate of the event constituting negligence or three years from the date they first realised it had occurred