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Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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I am a practising Independent Financial Adviser and a member

Customer Question

I am a practising Independent Financial Adviser and a member a large network. The network are bullying me into agreeing that I have given poor advice to some of my clients when all I have done is follow the guidelines laid down by them.The present investigation in question has been going on now for over a year and I had a previous one that goes back a further three years,both investigations relate to the same alleged poor advice.After the close of the first investigation the Network sent me an unequivicable letter of apology from their head of compliance saying that he understood the rational of my advice and also saying sorry for any stress it may have caused me and at the same time giving me advice on how to carry write the same business in future .The Network have made many errors ,wrong calculations ,assumptions delays and untruths but they are now discounting their apology and their mistakes and are now threatening to contact my clients in question to tell them how to seek compensation for mis-selling and at the same time blaming me . Obviously the stress on my family and myself has been unbearable and I feel a little lost ,the question is should I just roll over under pressure from these bullies or should I fight my corner.I have asked them numerous times why are they ignoring the contents of the letter of apology but to date
Submitted: 4 years ago.
Category: Law
Expert:  Max Lowry replied 4 years ago.

Max Lowry :

Hi, welcome to Just Answer. I will help you with your question.

Max Lowry :

What do you want to know about this please?

JACUSTOMER-7gpqs42v- :

Would the letter of apology signed by the Chief Compliance Officer be of any use in court as they have chosen to ignore it in all their communications since it was sent to me. is there anyway I could take any action against them should I prove that they have caused me undue stress due to their poor service standards and the length of time the investigations have been going on.

Max Lowry :

It might be, yes. However, when it comes to working out whether advice was correct etc. that's usually a matter for expert evidence from other advisors.

Max Lowry :

However, on whether they had told you to work to their guidelines, this might be useful to show they recognised you had been doing that.

JACUSTOMER-7gpqs42v- :

The apology letter states quite clearly that they agree with my rational and that none of the clients have been disadvantaged.The next part of the letter goes on to give us advice on how to complete the business in future to ensure that we understood clearly what was needed to make things a little clearer.The letter is quite straightforward and clear but they seem to want to disregard its findings.The person who signed the letter left soon afterwards his decision to aplologise to us was not popular within his team .He left the organisation about a month after the first investigation had finished and very soon afterwards the new investigation started.

Max Lowry :

Ah well, they might want to resile from it, but once they (as an organisation) have nailed their colours to the mast, so to speak, then that's it.

Max Lowry :

So yes, you should be able to rely upon this to some extent to make your point.\

Max Lowry :

Are you there?

JACUSTOMER-7gpqs42v- :

One final thing what action would you suggest i should do now to stop them harassing me.

JACUSTOMER-7gpqs42v- :

yes

JACUSTOMER-7gpqs42v- :

I am awaiting your reply .

Max Lowry :

OK

Max Lowry :

Well, all you can do is make it clear to them that you stick with your position and that they should stop writing to you and harassing you as they do.

Max Lowry :

Otherwise, you're likely to have to claim they;re in breach of agreement in some way.

Max Lowry :

And you could threaten to terminate the agreement as a result of their conduct/behaviour towards you.

Max Lowry :

However, before doing that, get somebody to look over the agreement carefully, as you wouldn't want to be in breach, so you need to be sure you can actually do this.

JACUSTOMER-7gpqs42v- :

If they ignore the letter you have suggested and started to write to my clients what could happen then?

Max Lowry :

If this was a breach of their agreement with you, it might amount to a repudiatory breach, which you could accept and end the agreement. You might then be able to show a financial loss and claim for it. Alternatively, if they say their minded to do that, then you might be able to obtain an injunction to prevent them doing it if by doing so they would be in breach of the agreement.

JACUSTOMER-7gpqs42v- :

Thank you Max for your help it has been very and i now have and I now have clearer view of my options.I now suppose you will want me to tick a smiley face which I'm quite happy to do.

JACUSTOMER-7gpqs42v- :

thank Again.

Max Lowry :

Lol. yes, a very very smiley face would be brilliant! Thank you for your time! If you need more, just let me know anytime.

JACUSTOMER-7gpqs42v- :

Okay and thanks again.

Max Lowry :

Anytime.

Max Lowry :

I hope this answers your question. If you need further information, just let me know. Please do remember to rate my answer as highly as you can.