One of the first concepts a law student learns is “caveat emptor” – let the buyer beware. That should be doubled up in financial services where complexity and volatility can prove a destructive cocktail for the savings of the unwary.
Biznews community member John Eccles shared his story with us after a two and a half year investigation by the Ombud for Financial Services Providers (FAIS Ombud)failed to yield a ruling in his favour.
He had filed a complaint against UK-headquartered financial advisory firm deVere in which he claimed it lost his savings through a combination of very high fees and poor investments. The FAIS Ombud says deVere’s angry client has to take his claim to the courts. For its part, deVere denies accountability, claiming it acted within the law.