Lloyds Bank...

[dunnitall]

We wanted to speak to a financial advisor in our local Lloyds Bank about an investment we have with them. We were told they do not have any financial advisors in their branches anywhere in the UK !

Has anyone else encountered this? If what we were told is correct, how on earth do they 'sell' financial products to their clients if they now don't advise people face to face? Plus how do they ensure ongoing client based advice? We feel neglected as they offered advice at the time when they wanted our money and now we find they have advised us wrongly we feel abandoned...!

[Mamyalynne]

I don't blame you for feeling let down - one can understand every branch can't have an investment adviser to hand all the time.

But surely they could arrange an appointment for you to see one.

[grasscarp]

http://wealth.lloydsbank.com/investments/why-advice/
Try this link
They certainly have mortgage advisers in branches
http://www.lloydsbank.com/private-banking/products-and-services/financial-planning.asp
I think the above link is only free of charge for people investing huge amounts of money!

[dunnitall]

Thanks mamya it's exactly how we feel yet they have told us they advised us wrongly but will only deal with it on the telephone which neither of can use satisfactorily which we've told them! Branch or the off shoot of the investment have all said deal with on the phone which we can't ...and they have left us like that.

Grasscarp thanks for the links, I now see they DO advise financially but all have stated categorically here they cannot help us! It involves tax as well as giving us a choice of what to do WITHOUT advice! What tees us off is they were full of advice before we parted with the money...now they will only deal with it on the phone and they KNOW we cannot deal with it this way...and we have a deadline to tell them what we want to do!! Yes we feel let down and cast aside, deffo will be changing banks ASAP ....loyalty means zilch as we all know!

[Peter Pedant]

The law has recently changed and so they may not have financial advisers according to the modern definition

as they only have people who force on innocents like you - Lloyds products = which a few years ago they could call finance advisers and not now ....

basically you have bought a dog - and the really important decision is whether you call it a day and sell or keep it for its original 'life'
only you can decide this on things like what are the early exit fees and so on

I bought an offset mortgage ( interest only) from the awful RBS which didnt offset. I paid it off the next day after I found out

[dunnitall]

Andy..ur right, bought a dog!! They will not help us out of this, saying they cannot advise us.....brstds they took our money, and now we are floundering as to what to do...bstrds!!!

[dunnitall]

Sorry.... Peter....not Andy....see they're driving me mad lol. Lots of sorting to do now with this especially as they won't help us out, even have to sort with tax people too apparently, yet Lloyds messed up argh! Oh well, set to it today and I think it will all end in tears...mine probably lol.

[Tilly2]

It sounds like you need to pay for some financial advice, Dunnitall. Perhaps that's what we're all expected to do now.

[Cloverjo]

I hate banks. I hope you get it sorted soon, dunnitall.
Sorry, I haven't got a useful reply, but wanted to give my sympathy.

[dunnitall]

Tilly, yes it does, however as lloyds advisors were wrong I feel they should pay for me to seek independent financial advice which I might put to them seeing that they will not talk to me about it face to face!

[Peter Pedant]

hope on !

you need to decide what to do with your investment and not seek ways to punish errant non advisers. Seek other advice - pay for it and keep receipt - read it and follow it and then follow the internal complaint procedures at Lloyds. If no joy then go the relevant Ombudman or sue in the small claims
Will anyone do this for you? No....

yes hopeless cause - look after the prime thing
(it wasnt a crap in-house bond with no interest for two years was it ?)

Sorry.... Peter....not Andy
no no - I am flattered you read my advice at all

[dunnitall]

Thanks Cloverjo kind thoughts always appreciated.

Peter, thank you too for your advice because yes that's the first thing I must do, decide on outcome for the money then consider changing banks which with DD's etc going out is often hard to do.

[bednobs]

s an aside rom your last remark, the switching service ll banks do is fab - you really don't have to do anything!!!!

[fiction-factory]

You can claim for misselling in some cases but it would help if we knew what type of product it was. If it was a savings account or guaranteed bond I cannot see you getting anywhere. If they persuaded you to invest in bitcoins or wine or some risky hedge funds and you lost half your life savings then you have a fair chance

[Old_Geezer]

I suspect one gets the advice one pays for. Or pays for it another way.

When I changed jobs some years back, I went to a bank to try to make a decision on whether to leave my pension with my ex employer or move it elsewhere. I stipulated certain criteria and the lad came back with suggestions that had not taken them into consideration. I pointed that out and asked for a better set of suggestions. I didn't hear from him again.

So much for free financial advice from one's bank. (Well; if they were any good at investment decisions they would not have all got in the bother they did a few years back, and brought the global economy down for the rest of us innocent citizens to pay for. I suspect they only 'win' when extracting money from the rest of us under their own favourable rules/terms.)

[dunnitall]

I think you're right OG and especially these last few years. As for my predicament apart from their refusal to provide someone to talk face to face about this, I have to give credit that to them as they have at least assured us they will pay compensation for their wrong doing which is better than a kick somewhere it hurts!

Think to save any further stress for us best we get our money back and leave their products alone....at least they won't be able to advise us on anything now as they don't do that now as they said! Still can't work it out but that's the way of the world I guess.... Thanks all for your comments and help.

[Peter Pedant]

I rang upa pension company whose clerk said - "we have the Lloyds Bank backing us" and I said: "I will not waste your time further"

they did have a long bit at the front saying they only sold their own products and if I wanted summit else I should ring up an adviser ....

[DTCwordfan]

they do - here in Truro they have their main banking down in the city and then they have, for the moment, their high value investment centre in Higher town.....I would ask for their investment centre and whom to contact - go through the I.of Man or Channel Islands centre for a more oblique way perhaps.....0845 603 095?

[Peter Pedant]

erm would you take the advice f rom some people who had given you crip advice previously ?

[trainers]

I have worked as a financial advisor for a high street bank for the last 18 years, I won't bore you with the details, however, the industry went through big changes in 2012/13 and many firms stopped advising.

Firstly, have Lloyds admitted they have mis-sold the product? If so they must ensure that they put you back into the position you would have been if you had not accepted their advice. This will include the original sum plus interest at 8% p.a.If the investment is still active they would usually pay for you to speak to another financial advisor.

If not and your complaint is there is simply no advisors then your only choice would be to see an advisor elsewhere for which you will be changed an advice fee whether you take their advice or not.

[dunnitall]

Thank you trainers for your advice. I have found out more from them and they said exactly what you're saying here about the big change and how they and many other institutions don't have in bank advisors now. Unfortunately they didn't offer to pay for me to see another independent one and as I have a lot of other problems 'on my plate' decided on one of their options to close the matter. Hopefully they will sort this soon as to what I've asked and can then start looking ways of finding out other places to invest my refund. Thanks for your help.