Thank you for offering to assist me.
I first need to confirm that this action would be accepted under the UK legal system. So, in clarification, I am a British national who resided in HK from 1982 until recently; my financilal adviser is also a British national who had his own financial advisory company in HK from the late 1990s when he took over management of my pension savings. The offence took place in Hong Kong, which is where he was licenced. The Insurance company holding my Pension Bond is International, but licenced in the Isle of Man.The adviser is now living in England, ostensibly in retirement on health grounds.
I discovered in November last year that he had in 2012 fraudulently misused my signature on a dealing order to buy an investment for £40,000, although I did not have the funds to pay for it, putting my pension Bond into negative balance by £40,000. He did not personally benefit by that amount, although no doubt he received some commission.
The reason he authorised the purchase was to cover up his own ineptitude in the overall management of my Bond. By this time, three of the four funds in the Bond were either suspended or in liquidation. Then, due to my enforced absence from HK for medical treatment in the UK he managed by the use of subterfuge to keep the truth from me.
I only discovered the truth upon my return to HK in November 2014, by which time he had closed his company, surrendered his licence and fled to the UK. All of my attempts to contact him have been in vain. I have discovered his UK address.
I immediately made reports to the HK police, Insurance Commissioner and the Securities & Futures Commission. All of which are carrying out their own investigations into his conduct.
At the same time, I contacted the insurance company holding my Pension Bond and have been locked in correspondence with them for the last 5 months. They are using the standard disclaimers to refuse to accept responsibility for the actions of my adviser, even though I can prove that I did not sign the Client Confirmation of the dealing order.
I was out of HK at the time the deal was processed and although the signature looks authentic, I believe that it was probably a 'cut and paste' job. There is no physical way that I could have signed the document in question.
Over to you.
I am still waiting for a reply to the supplementary information I have posted.
Please advise when I can expect to hear from you.
Please advise, is someone actually reviewing my question at the moment?
Are you still dealing with my question? I have supplementary points to put to you.
Please respond as I need to get some answers and if you are unable to provide them, please pass me over to someone who is able to assist.
Thanks for your response. I will get back to you shortly.
I have just sent a detailed reply, but I has just disappeared!
Have you by any chance received it?
I just pressed 'Reply to Expert' and it disappeared. I assumed it had gone.
I have just re-typed and sent again with the same result.
Am I doing something wrong?
I will be out until later.
I will get back to you a.s.a.p.
I did not sign a retainer and I don't know whether he carried professional indemnity insurance.
Please advise the chances of obtaining Legal Aid and any associated costs.
Please give me an estimated cost of contacting my local solicitor to review my case in detail.
Thanks for the information.
I do own my home and have a state pension, but because of the collapse of my pension bond, I have lost over £120k [including the £40k] and am dependent on my son for regular financial support. I have no remaining capital.
Thanks for the tip about home insurance. I see that I am actually covered for Family Legal Expenses up to £50k!
However, the only category that appears relevant is headed 'Consumer Disputes' and the cover provided as follows: 'Pursuing or defending a claim, which arises from a contract for services, purchase, hire, hire purchase or sale of personal goods'. Of those, the only possibility is 'contract for services'.
My financial adviser was authorised by me to act on my behalf for the purpose of making investment decisions in respect of my Bond. Do you think this meets the 'contract for services criterion?
In brief, the situation is this: my pension is held in a tax-efficient bond provided by an insurance company and investments into the bond are made on the recommendation of my financial adviser (after consultation with me and subject to my approval). The agreement for the adviser to act on my behalf is contained in the 'Delegated Investment Instructions' of the insurance company and reads, "I hereby appoint the Intermediary to act on my behalf for the purpose of making investment decisions in respect of my Collective Investment Bond".
As you would expect the insurance company are refusing to accept any responsibility, using the standard exclusion clause as a get out.
No, he had been an acquaintance of mine for several years.
Yes, I know his address and I will check with my insurer to see if I am covered.
No thanks, ***** ***** been very helpful.
Thank you, ***** ***** take you up on that if necessary.
It has been a pleasure dealing with you.