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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 8443
Experience:  I have been practising for 30 years.
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I have being using my Financial adviser 20years and we have

Resolved Question:

I have being using my Financial adviser for some 20years and we have been friends from school days 50 years ago. I have up until now had 100% trust with him in all matters and also put him in touch with many new clients.
About twenty years ago I gave him a sum of money to buy some shares. I have never until now new who the company was or how many he had bought.
I have asked for the information but it has never been produced, But as I say I TRUSTED HIM. I have just received a very blunt letter saying that the shares he has held on my behalf (1200) are worth next to nothing and he has sold them.
I have never been informed of the value over the years ( at one point for many months they were £1.75 a share) Have I got any legal right to fight this transaction.
I am 70 years old and just have my state pension
Thank you
Submitted: 3 months ago.
Category: Law
Expert:  F E Smith replied 3 months ago.

Business financial adviser registered with the Financial Conduct Authority?

How much money was involved here, 20 years ago?

This might be part of your question why was he holding the shares on your behalf?

Customer: replied 3 months ago.
He has worked for the same Financial Consultant all the time I have dealt with him ( although he works on a self employed basis) All his dealings are administrated by this company on their paperwork. and I believe that they are members of several professional bodies.
I am unable to confirm that this transaction was with his employers knowledge.
IF I can remember the sum was £500
He states in his letter informing me that and I quote. I have sold the 1200 shares that I hold on your behalf as the price over the years has dropped from approx. £1.70 per share to about 0.06p a share
I know this all sounds rather stupid but I TRUSTED this man who I have known for 60years
Customer: replied 3 months ago.
Just to add, He sent with his rather blunt letter a cheque for the sum of £54.70
Expert:  F E Smith replied 3 months ago.

If you haven’t fallen out with him already or he with you, it seems that it’s likely to happen.

He may be absolutely straight with this. He may have invested the £500 in the shares but for some reason known only to him, put the shares in his name.

It may be that the price went up from 42p each (1200 shares @ 0,42 = £500 in round figures), to £1.70 and then dropped to 6p.

However, I would want proof of that.

I would want proof of the purchase price and sale price by way of the contract notes. Incidentally, if he was going to manage these for you, you may have a claim against him in negligence and further, it seems that he just decided to sell these of his own volition rather than consult you which in itself may be negligent.

There may be nothing untoward here in which case, he has nothing to worry about.

If he will not let you have this information then you need to make a formal complaint to his principal and if that falls on deaf ears, refer the matter to the Financial Conduct Authority and the Financial Ombudsman Service.

Can I clarify anything for you?

Please don’t forget to rate the service positive. It’s an important part of the process by which experts get paid.

We can still exchange emails if you wish.

Best wishes.

Customer: replied 3 months ago.
Thank you for your help, I know this sounds strange but it is not really about the money (we all know that stocks and shares go up and down) it is all about the trust you put in people. This so called friend has had over 20years to keep me informed but sells the shares without even making contact. I will send him a letter asking him to telephone me, and if this does not happen I will take the matter further as a point of principle
Expert:  F E Smith replied 3 months ago.

I agree. I think he’s treated you quite shabbily particularly in view of his rather unsavoury letter.

Best wishes.

F E Smith, Advocate
Category: Law
Satisfied Customers: 8443
Experience: I have been practising for 30 years.
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