Mr J received £30,000 after negligent financial advice

Wixted & Co secure £30,000 compensation after client made losses on two private pensions.

Mr J was approaching retirement and had two private pension funds worth a combined total of close to £65,000. He intended to use these funds to supplement the income that he would receive from his State pension so that he could meet daily living expenses.

A financial adviser recommended that he transfer these two private pensions and amalgamate them into one property investment fund. Mr J incurred charges and commissions to make these transfers and was not informed that the new fund exposed him to a high risk class of assets. The fund was later suspended and the value of Mr J’s investment decreased as a result.

We took on his claim and sought compensation for the financial losses he had suffered. The financial adviser denied liability and we therefore took Court action against them. We settled the matter and Mr J received £30,000.