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Mags65
Thank you for the welcome. I joined because I hope you can help me with a problem.
In June last year we sold our house and I invested £10,000 in an ISA and a Unit Trust on the advice of Barclays Bank. I repeatedly explained to the advisor that I wanted the capital to remain intact and asked if there was any investment that would do that. I was advised to make a 'cautious' investment and told that the capital would stay intact, and it would give me a small income every 3 months which would vary according to the market. I asked several times whether the £10,000 would be affected and was told no.
Today I wanted to withdraw some of the money and was told - by another advisor as the one I dealt with has moved positions - that the capital had decreased by about £2500! As you can imagine, I'm disappointed, frustrated and very angry. Unfortunately, I have no proof of the conversation I had with the original advisor but I feel I have been incorrectly advised and it has cost me a lot of money. I've never had this amount of 'spare' money in my life before - it was very precious to me and I tried to 'futureproof' it to help in my old age. I'm 65 now and my health has deteriorated quite rapidly in the past 3 years.
Do I have any form of redress against the bank or do I just have to suffer the loss.
Hope you can advise me.
Mags
Thank you for the welcome. I joined because I hope you can help me with a problem.
In June last year we sold our house and I invested £10,000 in an ISA and a Unit Trust on the advice of Barclays Bank. I repeatedly explained to the advisor that I wanted the capital to remain intact and asked if there was any investment that would do that. I was advised to make a 'cautious' investment and told that the capital would stay intact, and it would give me a small income every 3 months which would vary according to the market. I asked several times whether the £10,000 would be affected and was told no.
Today I wanted to withdraw some of the money and was told - by another advisor as the one I dealt with has moved positions - that the capital had decreased by about £2500! As you can imagine, I'm disappointed, frustrated and very angry. Unfortunately, I have no proof of the conversation I had with the original advisor but I feel I have been incorrectly advised and it has cost me a lot of money. I've never had this amount of 'spare' money in my life before - it was very precious to me and I tried to 'futureproof' it to help in my old age. I'm 65 now and my health has deteriorated quite rapidly in the past 3 years.
Do I have any form of redress against the bank or do I just have to suffer the loss.
Hope you can advise me.
Mags
