How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Joshua Your Own Question

Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
35043042
Type Your Law Question Here...
Joshua is online now

IN JUNE 2007 I TOOK OUT 2 FLEXIBLE OPTION BONDS OF£ 25,000

Resolved Question:

IN JUNE 2007 I TOOK OUT 2 FLEXIBLE OPTION BONDS OF£ 25,000 FOR MY WIFE & I .IT WAS EXPLAINED TO BOTH THAT SHARES COULD GO UP OR DOWN &THAT THESE WERE MEDIUM RISK.WE WATCHED THE SHARES GO DOWN AND DOWN OVER 23 MONTHS UNTIL WE HAD EACH LOST APROX £12,500 EACH FROM OUR INVESTMENTS.IT SHOULD BE POINTED OUT THAT THIS MONEY WAS A BEQUEST FROM MY 91 YEAR OLD AUNT WHICH WE HAD HOPED TO HELP US TO MANAGE OUR FINANCES INTO OLD AGE.WE FELT BY NOW IN MAY 2009 THAT LLOYDS INVESTMENTS WERE NOT DOING THEIRJOB LOOKING AFTER OUR FLEXIBLE OPTION BONDS,THEREFORE INSTRUCTED THEM TO DISCONTINUE THE INVESTMENTS&RETURN WHAT WAS LEFT OF OUR MONEY .YOU WILL REALISE HOW UPSET WE WERE THEN TO BE CHARGED£1200.00 IN FEES.PLEASE GIVE ME YOUR VIEWS ON THIS INORDINATELY LARGE CHARGE OR LOSS.DETAILS AS FOLLOWS...ALAN&LESLEY THOMA,82 BROOKWOOD DRIVE ,HORLEY,RH69NX ACNTS LLOYDS FLEXIBLE OPTIONS BONDS3462418 CEASED 7-5-2009/3462430 CEASED20-5-2009 REGARDS XXXXX XXXXX
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I ask if the bond fees were explained to you fully when you took out the bonds please?

Joshua :

Were these taken out through Lloyds TSB as it was at the time or another bank?

Customer:

hello joshua,no,at no time were any bond fees discussed at all,only risk levels--low--medium---&high and their corresponding yield.sMy wife & I travelled over toLloyds sutton business branch to discuss the signing up of these bonds,rather than he came to caterham. regards XXXXX

Joshua :

Thanks.

Joshua :

For the avoidance of doubt was this Lloyds TSB or another financial advisor called Lloyds?

Customer:

I can confirm that it was Lloyds TSB

Joshua :

Thanks.

Joshua :

Based on what you say this appears to be a case of potential misselling of the product either on the grounds that the risks were not properly explained to you or that the fees proposed were not explained to you or both.

Joshua :

Initially you will wish to consider raising the issue as a formal complaint to the banks complaints department on the above basis. They must respond to your complaint as provided for by their complaints procedure. If you are not satisfied with their response, you can refer your complaint to the Financial Ombudsman who can independently investigate the banks actions and documentation as to the advice given in respect of the product including its suitability for you and if it finds in your favour make an order of compensation to paid to you.

Joshua :

The bank is bound by the Ombudsman's decision. There is no charge for their service.

Joshua :

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Joshua :

Is there anything above I can clarify for you any further?

Joshua :

Does the above answer all your questions or is there anything I can clarify or help with any further?

Joshua :

Are you happy with the information I have provided to you above or is there anything above I can clarify for you any further?

Customer:

I shall write to lloyds bank,explain that i have spoken to you and run your suggestions past them to see what their reactions will be. regards XXXXX XXXXX

Joshua :

If there is anything further I can help you with please let me know.

Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
Joshua and 2 other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.co.uk/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.co.uk/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.co.uk/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.co.uk/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.co.uk/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.co.uk/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.co.uk/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice