Our next step will be to assess the reasons why we feel you received bad advice using application forms in the prospect of claiming compensation for you. This will be discussed with you to ensure you are clearly informed.
If the individual or firm that offered you bad advice is still in business, we will make a complaint to them using their own internal complaints process. If they reply stating that they do not think that you have a legitimate claim, we will then issue your complaint to the Financial Ombudsman Service (FOS). The FOS will assign an individual arbitrator who will consider both your complaint and the individual or firm’s standpoint and if the FOS is in agreement that you have a valid claim then a compensation payment will be determined.
A potential claim can still be processed on your behalf if the Financial Adviser involved is no longer in business, through the Financial Services Compensation Scheme (FSCS).
Note that there is an established procedure in which compensation is remunerated and, for some particular claims, an actuary may be appointed to calculate the amount of your loss and the amount of compensation to which you are owed.