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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3493
Experience:  Solicitors 2 years plus PQE
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My husband is an IFA, he has told me that if a complaint is

Customer Question

My husband is an IFA, he has told me that if a complaint is made against him and upheld (or not - he wouldn't be able to pay fees to fight the case and says only the rich can do this) that our house could be taken to pay the complainant. The house is paid for and in our joint names.
The background to this question is that a complaint has been made against him from 2008 and though not upheld, the complainant was awarded £130000 of which he had to find £30000 plus legal fees of £20000 for mediation - it did not go to high court.
I am very concerned that he still had to pay out £50000! and I am worried another such complaint might appear in the future. We are in our 60s and naturally very concerned.
I'm not sure if all the information I have been given by him is correct.
I am only seeking an opinion because I find it hard to believe that if no wrongdoing occurred why he had to pay out all that money.
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
If the Judgment is against your husband only, you cannot be held liable for his debts personally. Your share of the property will remain untouched if the house is sold or charged. I presume you have not consented to any charge over the property?
Does you husband not have indemnity insurance?
Kind regards
AJ
Customer: replied 1 year ago.
I have not consented to a charge on this property but don't know if he has done this - he has kept me in the dark about many things on the basis of 'not wanting to worry me'!.
I know that he pays monthly fees to a few professional bodies but he says no financial advisor is insured against the same happening to them. I do not believe him, I am in a situation here and there doesn't seem to be anything I can do about what he has brought to my door - and not for the first time.
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
Has he ever asked you to sign anything?
Kind regards
AJ
Customer: replied 1 year ago.
No he hasn't asked me to sign anything. He had a few letters from people who were giving information about using the equity from our house, addressed to him by name but I presumed they were just mail shots.
Expert:  Alex J. replied 1 year ago.
Hi
Thank you.
Do you know how much equity is in the house?
For your share of the property to be charged or used for his debts, you will have to consent.
I would only recommend that if he asks you to sign anything you should get independent advice first.
Are you just looking to protect your share in the property?
Kind regards
AJ
Customer: replied 1 year ago.
I will be aware of anything I am asked to sign. Thankyou for your help .
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
Please do not hesitate to contact me if I can assist further.
Kind regards
AJ

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