Pannone prove Ombudsman wrong – over one million pound recouped for poorly advised investors
Michael Kennedy, a Partner at Manchester law firm, Pannone, has successfully recovered sums in excess of one million £’s for clients who were given the wrong advice from Independent Financial Advisers (IFA’s), resulting in the loss of clients’ pensions and investment savings. In a number of instances, the Financial Services Ombudsman had been approached by aggrieved individuals, all of whom had their applications for compensation turned down.
Kennedy, who specialises in professional negligence, is also acting for several other clients who have also received advice from IFA’s, which have resulted in them suffering very substantial losses. Kennedy says he is only scratching the surface and is convinced, “There are many more people out there who have been misinformed and given poor advice which has resulted in them losing significant amounts.”
A major cause for concern is an influx of clients whose IFA’s have advised them to place large amounts of money in the recently collapsed Icelandic bank, Kaupthing. Says Kennedy, “There were warnings about Kaupthing as early as November 2007, warnings which became increasingly stronger in the early part of 2008, but IFA’s continued to advise clients to invest huge sums in the bank. To compound matters the IFA’s concerned failed to advise clients to spread their investments, which would have limited the risks involved. We are already acting for a number of individuals who we believe have extremely strong cases against their financial advisors and we expect to see more clients in similar positions.”
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- Michael Kennedy
- Pannone LLP
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