Most cases of financial services claims where compensation is payable usually occur where Independent Financial Advisors’ (“IFA”) have given incorrect / inaccurate advice or where an IFA has failed to advise a client on the risks of a product.
Although these are the most common circumstances, there are also many other scenarios where action can be taken against an IFA.
In cases against IFAs, clients must be able to establish the following:
The IFA owed a duty to the client
The IFA failed to deliver adequate or competent service or advice
This advice or service was responsible for causing the client financial loss