James made a compensation claim with FSCS for a structured fixed-term investment product that he held with a wealth management firm.
Ahead of the product maturing, the firm went into administration and James was informed that the firm had gone out of business. James’s investment was then taken over by a new investment management firm. When his investment matured, he didn’t receive any paperwork from the new management firm. All he received was a notification asking him to log onto an online system which showed him a sum of money that he was owed.
Thankfully, James had kept clear records of his investments and was able to check the figures against his own records. This is when he realised that the figures the new investment management firm had provided didn’t add up. James eventually discovered that his investment had been matured early – on the Friday instead of the Monday – which led to him receiving around £1,400 less than he should have.
James made a claim directly with FSCS and received this money back. This was crucial for James as he had retired early to care for his wife who had multiple sclerosis. Early retirement meant that James’s pension pot had been reduced and he and his wife were more reliant on the growth of their investments.
James said, “I’ve been investing for 30 years, and this is the first time that I’ve had to make a claim to FSCS. I’m just very grateful that the process was so clear and easy to follow. During phone calls I had with FSCS staff, everything was explained very clearly and FSCS subsequently honoured my claim. The whole process was very smooth.”
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*Identity changed for privacy. Photo used is stock imagery.