Also, the adjudicator noted that Mrs R had signed an authorisation confirming the investment had been explained and she understood how it worked.
Mrs R then argued the adviser “badgered her” into attending an appointment to discuss making the investment and pressured her into signing the paperwork.
After previously investing in 2000 it took 10 years for her to recoup the capital and Mrs R claimed the adviser had assured her that it would not happen again, using another clients’ personal information to demonstrate.
She was aware of the cooling off period during which she could have cancelled, but argued it did not feel it provided a long enough time to make an informed decision.
On receipt of her annual statement, Mrs R said she tried to make an appointment with the adviser, only to be told she had left, claiming to be left “high and dry” when Axa withdrew their advice service.
Axa confirmed it had closed its advice business in April 2013, which was when the adviser who made recommendation to Mrs R had left.