Have you suffered from poor financial advice?

The Financial Ombudsman Service (FOS) is a consumer friendly facility that allows aggrieved financial planning clients to recover losses from their advisers and financial services providers in a quick, cheap and simple forum.

FOS Australia is completely free to consumers, compared to tens of thousands of dollars for a court case.

One recent case we were involved in saw a major Australian bank forgive $320,000 of debt owed to it by our client and the clients receive an additional payment of $2,000.

FOS is a much better option than court.
It’s not unusual for Greg to sit down with a new client and look over their affairs and see they have received poor financial advice. Sometimes it’s just poor financial advice. But sometimes it’s more sinister, and he can see that the client has received advice that is patently negligent, and is not in their best interests or appropriate to their circumstances.

Common examples of negligent financial planning advice include:

  • “switching” of insurance products to get new first year commissions (typically 120% of the premium you pay);
  • recommending investment in off-the-plan apartments (and typically not disclosing conflicts of interest, i.e. hidden commissions);
  • failing to recommend investments that are suited to the client’s risk profile, as understood by a reasonable financial planner;
  • & failing to provide advice in the form required by the Corporations Act.

The good news is acumen advisers can get your money back for you.

Greg is expert at handling complaints by consumers to FOS. Combine this with Greg’s knowledge of financial planning and you can see how you can win compensation quickly and cheaply. FOS complaints do not have the complexity and stress of a court case. Most consumer complaints are settled in the consumer’s favour.

Greg’s fees for preparing and presenting a FOS complaint are usually tax deductible. We also offer generous payment terms for this type of work, as we do not want to add to your stress. If you feel you have suffered a financial loss contact Greg on Greg@acumenadvisers.com.au to discuss what can be done about FOS compensation, and rectification.

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