Disgruntled clients of former independent financial adviser Edward Jones are organising an online campaign in an effort to force an official review of their treatment by Towry Law.
Organisers say they have been "caught up in the maelstrom" following the acquisition of Edward Jones last year, as Towry has stonewalled their attempts to shift their funds elsewhere. They believe thousands across the UK have been affected, and are putting together an online petition to force action.
John Simpson, one of the campaign's organisers, said he was hopeful the launch of treatingcustomersshabbily.com would draw together savers from across the UK affected by the takeover. The aim is to persuade government ministers to press for an investigation, as financial watchdogs at the FSA have said they can't take up complaints from individuals.
Simpson, a pensioner from Gloucestershire, said he has spent months without either dividend payments or account statements from Towry Law. The wealth manager inherited retirement accounts for Simpson and his wife through the Edward Jones acquisition, but the couple were not happy after being told that they would have to shift their investments into Towry Law discretionary funds.
"We suspect that, like ourselves, there are many thousands of others who are unhappy with the way Towry have presented themselves," he said. "What we don't understand is if the FSA places such great store by treating customers fairly, why isn't the FSA investigating Towry?"
Carol McNicol of Alan Steel Asset Management in Linlithgow said there could be hundreds in Scotland stuck in the same situation. She recently helped one client transfer an account out of Towry, but it took more than three months and required a formal letter of complaint. A second account held by the client has yet to transfer.
"This is far from the norm,” she said.
Article courtesy of Scotland on Sunday
Sunday 18 July 2010
