Background:
The client had been involved in a mis-selling case with a large bank.
Situation:
The client’s portfolio made substantial losses, despite her being given the impression that her account was protected from substantial losses.
Action:
A detailed report was written outlining what had been done and what should have been done by the bank. This included a review of what would have been a reasonably competent course of action by the bank in dealing with this client by reference to the Code of Conduct. It was shown that the bank had failed to follow industry-standard procedures, exposing the client to severe risks. The bank had neglected to inform the client of her position at appropriate intervals. The report was able to demonstrate the actual modus operandi of the financial markets and why the bank had not given the client a professional service.
Result:
The report was very valuable when presented to the bank for compensation. It provided the legal advisers with much stronger arguments (and indeed a proper understanding of the internal complexities) over and above the narrow legal technicalities of the case.