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 F E Smith Your Own Question
F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 10264
Experience:  I have been practising for 30 years.
Type Your Law Question Here...
F E Smith is online now

We have an issue where a independent financial advisor has

Customer Question

We have an issue where a independent financial advisor has not communicated fees and we have no written documents, all conversations were on 1 2:1 ratio between myself and my wife direct with the IFA. All actions were carried out online with not follow up documents provided, the IFA even removed access from our online account so we could not see his dealings
It has already been proven that this IFA has tried to take money from our account but failed, and on one occasion the IFA has taken 12 payments when he should have taken only 5 - this is all proven
is there a precedent that says 2 words are stronger than 1 and can this be supported by the fact it has already been proven that the IFA has wrong doings?
Submitted: 1 year ago.
Category: Law
Expert:  F E Smith replied 1 year ago.

Could you explain your situation in a little more detail please? What exactly is it that you want to know about this? Thank you

Customer: replied 1 year ago.
I want to know if there is any precedent or law that puts the weight of a 'word against word' in the favor of one side that has more parties.. the example in this case being that myself an my wife sat with the IFA and communicated everything to him but now he deny's this.can we add additional weight to this by the fact it has been proven that he has taken money from our accounts without authority
Customer: replied 1 year ago.
when we engaged this IFA we made it clear we had never done this before and that we were reliant on him explaining everything to us. we believe he took advantage of our trust.
Expert:  F E Smith replied 1 year ago.

Matters like this are decided in the civil court on the balance of probabilities whereas in a criminal court it is beyond all reasonable doubt. Therefore, the judge only has to believe your version of events 1% more than the other person’s version of events and you would win. In that respect, the poor witness evidence you have the better.

The only problem with you and your wife is that you both have interest in this, her evidence adds very little to your evidence although it only needs to add a tiny tiny amount to your evidence to swing the balance.

If he is an appointed representative of a Principal company then complain to the principal. If that goes nowhere all he is directly authorised by the Financial Conduct Authority then you can make a complaint to the Financial Ombudsman Service.

If he has tried to take money from your account but failed all only had authority to take five payments but took 12, that is a criminal offence because it’s theft or fraud or at least attempted fraud. That is a police matter.

The Financial Ombudsman Service and Financial Conduct Authority are extremely hot on terms of business and fees and if he has not told you what his fees are, he is not entitled to charge.

Of course, is one of as well as complaining to the police of the criminal issues and complaining to any principality and the Financial Ombudsman Service you can also issue proceedings in court for breach of contract and for the return of any monies which he has taken which he was not authorised to do.

Can I clarify anything for you?

Please do not forget to rate the service positive. It’s an important part of the process whereby experts get paid.

Best wishes