W h ireland stockbrokers

W h ireland stockbrokers

By: laptop Date of post: 26.06.2017

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James and Delia Bagot, of Buckhurst Hill in Essex, were customers of WH Ireland, a venerable firm of stockbrokers founded in The broker invested hundreds of thousands of pounds on their behalf, but many of the companies it chose quickly went bust. When the couple complained about the losses, the ombudsman upheld their claim and ordered WH Ireland to pay compensation. The losses of one WHIreland customer. If the losses incurred exceed this sum, the adjudicator can only recommend, not demand, that the company involved pay full redress.

Over the period analysed by Mr Giannotti on the basis of the statements sent to the Bagots by WH Ireland, the broker bought shares in 45 different companies. Almost all would be unfamiliar to investors who stick to the main part of the stock market.

This firm, an Australian mining group, is listed on the Australian Securities Exchange and on junior markets in Germany and America. Among them was X-Phonics, a music publishing business.

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All ended up worthless. Again, all of this money was lost.

Both of these firms, and many others chosen for the Bagots by WH Ireland, were listed on the Aim market. Aim, which was set up to allow new and growing companies to raise money without the cost of a listing on the main stock market, is part of the London Stock Exchange but more lightly regulated than the main market, which is home to more familiar companies such as the household names that belong to the FTSE index.

It is universally recognised by investment professionals that Aim is significantly more risky than the main market. Some holdings bought for the Bagots were listed on even more lightly regulated markets.

w h ireland stockbrokers

For example, in October it bought 40, shares in Prestigious Retirement Homes, which was listed on an obscure market called Plus, since renamed ISDX.

Prestigious went bust and again the couple lost all the money they had invested in the firm. Buying shares listed on Plus, or those with no listing at all, is even more risky than investing in Aim-listed firms. At least seven of the firms whose shares WH Ireland bought for the Bagots were corporate share price of berkshire hathaway stock of the broker, whose job it was to find buyers for their shares.

Performance of the FTSE Aim index. Aim top risers and fallers. The Bagots initially complained to the broker, but they were given short shrift, according to Mrs Bagot.

Compliance officers are responsible for ensuring that regulated financial firms stick to the rules. Initially, their w h ireland stockbrokers was rejected. But after a long and arduous process, which involved recruiting Mr Giannotti to carry out detailed calculations of their losses, the Financial Ombudsman Service accepted that the broker had chosen inappropriate gcm forex izmir adres. But it does not follow that WH Ireland had the freedom to recommend to [the couple] anything it liked, in any quantity.

The broker also sought to defend its actions by saying that the employee who dealt with the couple, John Molyneaux, had got to know them socially. But the ombudsman said: It did not know the full detail of their financial circumstances — for example, details of their investments forex brokers poland savings, their income and outgoings or any pension provision that had been made.

A spokesman for WH Ireland said: The ombudsman can adjudicate complaints about regulated financial firms, which includes all reputable financial advisers, brokers and fund managers. For instance, it is not enough simply to complain that investments have w h ireland stockbrokers in value.

For a complaint to succeed the investor needs to make a case, for example, that investments were wrongly described or recommended in inappropriate circumstances. Those two reasons lie behind most of the decisions found in favour of investors who take cases to the ombudsman. Howard Marks, an Oxford University graduate turned drug smuggler, made millions. Now he eagerly awaits royalty cheques.

W.H. IRELAND (STOCKBROKERS) LIMITED, M2 6WH Financial Information

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