Tradefair & Financials
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Basically bought shares ages ago that it turned out I could nt sell. Made complaint to ombusmen and this is there conclusion after a 2 yr process.
Decision
It is my provisional decision to uphold this complaint.
I direct the firm to pay Mr X the difference between the full cost of his individual investment in Trixter and the return he would have obtained on that investment by comparision to the FTSE All Share Total Return Index from the date of the investment to 14 September 2004. I presently select that index as Mr X was recorded by the firm as being a medium risk investor and the firm have failed to explain why and high risk shares were being recommended to him. On any identified loss at 14 September 2004 the firm is to pay interest at 8% from that date to the date of payment of redress to Mr X in the event he accepts my decision on his complaint. Mr X should assign, at the firms's cost, any entitlements and rights he may still have in his holding of Trixter shares back to the firm.
Cant really understand what they are offering me. 8% sounds good but 8 % of what amount. I wanted my investment back in full, which was £4450. Was nt too bothered about compensation but cant work out what they 're offering like I said.
Opinions most welcome.
Decision
It is my provisional decision to uphold this complaint.
I direct the firm to pay Mr X the difference between the full cost of his individual investment in Trixter and the return he would have obtained on that investment by comparision to the FTSE All Share Total Return Index from the date of the investment to 14 September 2004. I presently select that index as Mr X was recorded by the firm as being a medium risk investor and the firm have failed to explain why and high risk shares were being recommended to him. On any identified loss at 14 September 2004 the firm is to pay interest at 8% from that date to the date of payment of redress to Mr X in the event he accepts my decision on his complaint. Mr X should assign, at the firms's cost, any entitlements and rights he may still have in his holding of Trixter shares back to the firm.
Cant really understand what they are offering me. 8% sounds good but 8 % of what amount. I wanted my investment back in full, which was £4450. Was nt too bothered about compensation but cant work out what they 're offering like I said.
Opinions most welcome.
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Replies: 7
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SPYKES,
To give us a clue you need to tell us when you made your initial investment (the date) from that we can work out how much they are offering. |
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Sorry think it says in there 14th Sept 04
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Basically bought shares ages ago that it turned out I could nt sell. Made complaint to ombusmen and this is there conclusion after a 2 yr process.
Decision It is my provisional decision to uphold this complaint. I direct the firm to pay Mr X the difference between the full cost of his individual investment in Trixter and the return he would have obtained on that investment by comparision to the FTSE All Share Total Return Index from the date of the investment to 14 September 2004. I presently select that index as Mr X was recorded by the firm as being a medium risk investor and the firm have failed to explain why and high risk shares were being recommended to him. On any identified loss at 14 September 2004 the firm is to pay interest at 8% from that date to the date of payment of redress to Mr X in the event he accepts my decision on his complaint. Mr X should assign, at the firms's cost, any entitlements and rights he may still have in his holding of Trixter shares back to the firm. Cant really understand what they are offering me. 8% sounds good but 8 % of what amount. I wanted my investment back in full, which was £4450. Was nt too bothered about compensation but cant work out what they 're offering like I said. Opinions most welcome. SPYKES, the letter seems to make out your investment in the shares (Trixter) was made prior to the 14th sept 2004? Was your investment in Trixter made on the 14th of Sept? |
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Sorry yes just looked again it was 30th Jan 04
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It appears (as you have probably gathered) that the 14th Sept 04 date is when I called the company enquiring how to sell the shares.
I did nt think till 06/07( when a bit older and wiser) that I might have a case against the company. |
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SPYKES,
I recon you'll get £6200 |
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That sounds good to me Bobby can I ask how you come to that figure???
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