Myerson Solicitors’ team of specialist professional negligence solicitors, are currently instructed on a number of claims relating to poor investment advice provided to investors by independent financial advisors (IFAs). IFAs have advised clients to invest significant amounts of money into products such as the EEA Life Settlements Fund, which has resulted in investors suffering heavy losses. In many cases, investors are likely to be able to claim damages against their independent financial advisor for negligent investment advice.
The industry regulator, the Financial Conduct Authority is also urging investors to consider making a complaint against their IFA without delay. There are strict time limits within which to bring a claim, and if investors miss these deadlines, they may be barred from claiming against their advisor. There are some group litigation actions being brought against the Financial Conduct Authority for failing to properly regulate the EEA Life Settlements Fund, and other group litigation actions being brought against advisors who wrongly recommended the EEA Life Settlements Fund to investors whose attitude to risk was cautious or moderately cautious. The team at Myerson urges investors to avoid such group actions. Ben Wilson, a Solicitor in Myerson’s litigation department comments “Group litigation involves representing a large number of claimants in a single action. At the time of the investment, each claimant will have had a different attitude to risk, and will have received different advice from different IFAs. The variations between the different claimants’ cases make the group litigation difficult to run and will ultimately slow down the litigation to a snail’s pace.”
It is imperative for claimants to make their individual claims quickly. Each individual IFA is likely to have a limit on their insurance, and insurers will treat claimants on a “first come, first served” basis. This means that claimants who delay in making their claim, may have greater difficulty in making a recovery. Further, there are strict time limits within which to bring a claim, if these deadlines are missed, potential claimants may lose their ability to claim.
Myerson Solicitors LLP are the premier commercial litigation solicitors in Cheshire and South Manchester. Our expert solicitors can advise on all aspects of commercial disputes and debt recovery. Please contact us today on 0161 941 4000.