Investment FAQs
What is the process?
Once we receive your signed Authority & Agreement, we'll write to you to acknowledge receipt and advise you that you have 14 days to change your mind. If we don't hear from you during the 14 days, we'll proceed and register your complaint with the firm that sold you the investment.
We'll complete all the necessary forms to make the complaint on your behalf, based on the information you provided over the telephone but we may need to contact you for more information at some stage. The completed forms are sent to you to check they are accurate, to the best of your knowledge and for you to sign.
Once you've returned the signed papers to us, we'll send them to the firm. We'll normally get a decision from the firm within 2 to 3 months. It's likely that they'll reject your complaint. In this case, we'll usually take your complaint to the Financial Ombudsman Service (FOS) for adjudication. Unfortunately, the FOS may take 6 months or more to deal with your case, as they generally have a large backlog. However, our fee remains the same; we don't charge any extra for referral to the FOS.
We'll contact you to tell you the decision received from the firm, and then the FOS. If the FOS upholds your complaint, we'll get an offer of compensation from the firm. Once we've checked the amount offered, you'll need to sign the firm's acceptance form. This may involve cashing in your investment, if you haven't already done so. The firm should make the compensation cheque payable to you and we will then invoice you for our services.
Sometimes, having taken on the case, it proves to be something we didn't expect. Although this is very rare, if we're forced to drop a case at any time during the process we'll let you know.
How long does it all take?
We can't give you an exact deadline as to when the complaint will be completed. The time it takes can depend on the firm we're complaining to. However, if the case is rejected by the firm and referred to the Financial Ombudsman Service (FOS), it can easily take 9 months or longer from the date you contact us.
I'm thinking about cashing in my investment; is it ok to do so now?
We can't give you any investment advice, but we can tell you this shouldn't make any difference to the outcome of your complaint.
How is the compensation calculated?
The compensation calculation is designed to put you back in the position you would have been in, had you not taken out the investment but instead put your money in a more appropriate vehicle (usually in a deposit account or guaranteed investment). The basis of the calculation will vary according to individual circumstances, so it's not possible to predict the amount of compensation at the outset.
Will the firm who sold the investment to me contact me?
They shouldn't contact you, as you've given us the authority to act on your behalf. They may, however, send some correspondence to you through the post. They should send us the same documentation, in which case we'll ask you to disregard what you receive directly, as we deal with everything for you. If you're in any doubt whatsoever, please contact us and we'll be happy to advise you.
What does Renaissance charge?
There is absolutely nothing to pay upfront. If we are successful we charge 25% plus VAT of any sum we win for you. That works out at £30 in every £100 so if you are awarded £1,000 our fee would be £300 (based on a VAT rate of 20%). Our fee is capped at £15,000 + VAT. You don't pay anything if we are unsuccessful. Each firm to whom we complain will be subject to a separate cap.
The firm we are complaining to on your behalf will pay your compensation directly to you (not us) and we will send you an invoice for our fee. This is payable within 10 days of the invoice.