Contrary to popular belief, money lost through transfers from your bank to overseas investments need not be lost forever. There are standards that a financial institution including your bank would have needed to adhere to, prior to allowing the transfer of your funds to non-regulated entities. Depending on the date of the transfer, the nature of the beneficiary and your personal circumstances at the time of the transfer, your bank may need to reimburse you for the losses incurred plus interest.
At times, the bank itself will uphold the complaint we issue and refund the client. If the bank rejects the claim, the Financial Ombudsman Service may find that the bank fell short of the standards expected of it.
Case Study 1:
Mr F invested in “Argyle Coins”, incurring losses of approximately £170,000.00. We issued a carefully drafted complaint to the bank and the bank upheld the complaint, awarding our client over £125,000.00. The bank agreed to shortcomings in its service to our client.
Case Study 2:
Miss K transferred money from her electronic bank provider for investment into “Blue Trading”, subsequently well-publicised as a scam. The bank did not uphold our complaint; however, the investigator at the Financial Ombudsman Service found that the bank failed in its duty of care to our client and requested the bank to reimburse our client for the full amount lost.
If you have lost money to an overseas investment, do not hesitate to get in touch.