Financial advisor negligence can result in significant financial losses for clients. When pursuing a claim for negligence, understanding the process can help manage expectations and navigate the legal landscape more effectively.
Initial consultation and case assessment
The process begins with an initial consultation with a legal expert. If you choose to make your financial advisor negligence claim with us then this consultation is free, and serves to assess the merits of your claim. During this meeting, the solicitor will review the details of your case to determine whether the financial advisor’s actions or inactions meet the criteria for negligence.
Gathering evidence
To establish a case for negligence, it’s crucial to gather all relevant documentation and evidence. This includes records of financial transactions, communication with the advisor, and any other pertinent documents. The goal is to prove that the financial advisor owed you a duty of care, breached that duty, and caused financial loss as a result.
Pre-action protocol
Before initiating formal legal proceedings, the pre-action protocol is followed. This involves sending a detailed letter of claim to the financial advisor, outlining the allegations and the basis for the claim. The advisor then has a specified period, typically three months, to respond with their side of the story.
Exploring alternative dispute resolution
Many negligence cases are resolved through Alternative Dispute Resolution (ADR) methods such as mediation or expert assessment. These methods are encouraged to save time and costs associated with court proceedings. If both parties agree, a mediator will facilitate negotiations to reach a settlement. ADR is not mandatory but is often preferred to avoid the lengthy process of litigation.
Issuing court proceedings
If ADR does not lead to a resolution, the next step is to issue court proceedings. This formalizes the claim and sets the stage for a court trial. The court will then set a timeline for the exchange of evidence, the witness statements, and other prepatory activities leading up to the trial
Court trial
During the trial, both parties will present their evidence and arguments. The judge will evaluate whether the financial advisor was indeed negligent and if their actions directly caused the claimed financial losses. While most cases settle before reaching this stage, being prepared for a court trial is essential.
Settlement and Compensation
If the court finds in your favour, then you may be awarded compensation for the losses incurred due to the advisor’s negligence. This compensation is intended to restore your financial position to what it would have been had the negligence not occurred.
Contact us
If you’re interested in making a claim after being a victim of financial advisor negligence then you can contact our experienced team to learn more. After a free consultation, we’ll be more than happy to help you however possible during the course of your claim.
You can contact us by calling us on 0300 303 3629 or filling out an enquiry form.
