Law firm in bad advice actions

A CHESHIRE law firm is currently involved in a raft of claims relating to poor investment advice given to independent financial advisers (IFAs).

Myerson Solicitors in Altrincham says the IFAs have advised clients to invest significant amounts of money into products such as the EEA Life Settlements Fund, which has resulted in investors suffering heavy losses.

Myerson says, in many cases, investors are likely to be able to claim damages against their independent financial adviser for negligent advice.

Industry regulator the Financial Conduct Authority (FCA) is also urging investors to consider making a complaint against their IFA without delay.

There are strict time limits and investors may miss deadlines and be barred from claiming.

Some group cases are being brought against the FCA for failing to properly regulate EEA Life Settlements Fund.

Ben Wilson, a solicitor in Myerson’s litigation department said: “Group litigation involves representing a large number of claimants in a single action.

“At the time of the investment, each claimant will have had a different attitude to risk, and will have received different advice from different IFAs.

“The variations between the different claimants’ cases make the group litigation difficult to run and will ultimately slow down the litigation to a snail’s pace.”