Mis-Sold Stocks & Shares ISA
ISAs which stands for Individual Savings Accounts, has been a method that is popular to assist people in investing since it was first made available in the year 1999. ISAs are offered by all the main high-street banks which is more commonly used to invest in different shares and stocks or to save money without penalties of capital gains-tax or income tax.
The primary issue that you may have been misinformed about is that both shares and stocks ISAs and cash ISAs are identical. You may think they are associated with the same risk levels. However, this is not true.
Shares and stocks ISAs are not always such a bad-idea. If they match up to your requirements, they offer a great way to invest your personal savings. They provide a way to invest funds into shares and stocks that are wrapped up into tax-efficient savings accounts. The cash ISA is just a type of savings account, and for this reason carries less of a risk. The issues with shares and stocks ISAs arise when risks have not been explained properly to you, which means as a result they are mis-sold.
Where You Mis-Sold An ISA Investment?
Shares and stocks ISAs, which are also known as NISAs are associated with carrying a lot more risks in comparison to the cash ISAs, yet this is not always made very clear, which leads to anger and confusion, when you get back a lot less than your initial investment. Shares and stocks ISAs are not dangerous, they often have the ability to flourish and can offer you with great returns. But the risk levels must always be stated and agreed upon between your adviser and yourself and explained fully from the beginning.
You may have become a victim to been mis-sold a shares or stocks ISA, when at your point-of-purchase, the adviser failed to account for:
- Your current financial situation that included your overall experience in these areas and your existing investments.
- How you understand shares and stocks ISA and how they differ from the cash ISA, especially the linked risks.
- Your attitude towards risks and how it would affect you should you experience a significant loss from the investment.
- Your plans into the future for your investments
- Any circumstances that are unique that may have an affect on your over-all financial status.
- The potential risks and complexity of the investment.
If you didn’t receive this type of information before the sale, or it was misleading or unclear then you probably invested in a mis-sold ISA.
Claiming On The Mis-Sold ISA Investment
At Goldman Knightley, we are backed by years of experience when it comes to helping clients that were misled in a certain way while investing in shares and stocks ISA. We are able to give you information on how you need to proceed with a claim or we can make the claim on your-behalf, which leaves you free to focus on your life without hassles linked to having to fill out complicated forms. We have a high success rate, with many of our clients getting money back from the investment due to our outstanding and expert guidance.