Mis-sold Investments & Pensions - No-Win, No-Fee Contingency Agreement
“We” the legal representatives: MRH Solicitors Limited (“MRH Solicitors”) of Caroline House, 115-125 Bradshawgate Bolton, BL2 1BJ.
“You” the client(s): The investor.
“The Opponent” The appropriate Bank, Independent Financial Advisor (IFA), Financial Institution, Pension Provider, Intermediary/Advisor, Agent or Broker that arranged or mediated the financial product, who mis-sold the said financial product or provided unsuitable advice/services against whom the mis-sold investment and/or mis-sold pension claim is pursued.
This Agreement is entered into on the understanding that you (that is the person(s) agreeing to the terms of this agreement) have instructed MRH Solicitors to represent you to pursue a claim for the mis-sold investment and /or mis-sold pension (“your mis-sold investment and/or mis-sold pension claim”) against the appropriate Bank, IFA, Pension Provider, Finance House, Agent or Broker (“the Opponent”) who miss-sold the said investment and /or pension to you. This Contingency Fee Agreement (“the Agreement”) is a legally binding contract between you and MRH Solicitors.
What Is Covered By This AgreementOur firm’s policy encouraged by the Solicitors Regulation Authority is to explain from an early stage the terms upon which we act for you, the client, which are set out in this Agreement and these terms are intended to apply to all work undertaken for you (now and in the future) unless otherwise agreed. Please take the time to read this Agreement carefully.
What Is Not Covered By This Agreement
Please note that should you wish to pursue your mis-sold investment and/or mis-sold pension claim at any future date, outside the scope of this agreement via County Court proceedings, you have 6 years from the date that you received the advice from the Opponent or date of knowledge, depending on the circumstances of the advice, within which to commence Court Proceedings, failing which your mis-sold investment and/or mis-sold pension claim will be statute barred, that is you will be time barred from pursuing such a claim.
Level of Service You have provided detailed initial instructions and we shall revert to you with regular updates on the key aspects of your mis-sold investment and/or mis-sold pension claim to include the need to pursue your claim via the FOS/FSCS route and on any offers made in settlement of your claim either by the Opponent or by a decision of the Financial Ombudsman Service or Financial Services Compensation Scheme.
Our ResponsibilitiesWe shall take all reasonable steps to pursue your mis-sold investment and/or mis-sold pension claim for losses against the Opponent to include establishing liability on the part of the Opponent, obtaining evidence to substantiate and value your claim, negotiating a settlement of your claim and if necessary submitting an Application to the Financial Ombudsman Service. We shall keep you informed of the progress of your claim on a regular basis.
People Responsible for Your WorkMs. J. Debbie, a specialist in mis-sold investment and/or mis-sold pension claims will be responsible for your case and if she is not available another member of her team will be happy to help you. However, she may delegate under her supervision certain aspects of your claim to other members within her team during the progression of your mis-sold investment and/or mis-sold pension claim.
Mr. M. Patel, (a Director), will be responsible for the overall supervision of your mis-sold investment and/or mis-sold pension claim.
We try hard to avoid changing the people who are handling your mis-sold investment and/or mis-sold pension case, if this cannot be avoided, we will notify you promptly who will be handling your case (and why the change was necessary) and we reserve the right to allocate other staff to your case where necessary. In order to deal with your queries efficiently, please always ensure you have to hand your file reference number, which is referred to on our correspondence to you, when contacting our office.
What Happens If You Win – Charges and ExpensesA “win” achieved by us for you in respect of your mis-sold investment and/or mis-sold pension claim for the purposes of the Agreement will occur in the following situations:-
A reasonable offer is accepted by you via us for compensation.An offer is accepted by you directly with the Opponent for compensation.Any monetary benefit derived, saved or recovered for you by us in relation to your mis-sold investment and/or mis-sold pension claim.
Only on us achieving a “win” in respect of your mis-sold investment and/or mis-sold pension claim, do you pay our charges for the work done on your case as set out below plus disbursements, if any :-
If you cancel this Agreement after a “Win” has been achieved by us for you in respect of your mis-sold investment and/or mis-sold pension claim then you pay us 35% plus VAT plus disbursements in respect of our charges for the work done on your mis-sold investment and/or mis-sold pension claim within 7 days of the date of deemed service upon you of the said bill of costs.
In mis-sold investment and/or mis-sold pension claims such as yours, it is extremely difficult to estimate at the outset exactly how much you will receive by way of a settlement on your mis-sold investment and/or mis-sold pension claim. By way of an example, if you were to receive compensation in the sum of £3,000 credited to your account or sent to you by cheque then you pay us 35% plus VAT in respect of our charges that is £1,260 inclusive of VAT with the balance owing to you of £1,740. However, if you were to receive a reimbursement of £,3000, but your account is in arrears by £3,000 then you pay us 35% plus VAT in respect of our charges that is £1,260 inclusive of VAT, although you will not receive any sums by way of a payment to you as your debt will have been cleared.
Please note that when we present you with a bill of costs, you are entitled to complain about the said bill of costs. You may also object to the bill of costs by making a complaint to the Legal Complaints Service and/or by applying to the Court for an assessment under Part III of the Solicitors Act 1974. If all or part of the bill of costs remains unpaid, we may be entitled to charge interest.
We have to advise you that if your mis-sold investment and/or mis-sold pension claim was valued in excess of £10,000, you could proceed with your claim outside the scope of this Agreement by starting Court Proceedings and if you were successful you may be able to recover your legal costs from the Opponent, in addition, to being awarded compensation or any other settlement remedy. However, it is our experience that few cases have reached Trial setting a precedent in this area of law, the Opponents solicitors generally contest payment of your legal costs on commencing Court Proceedings protracting the settlement of your mis-sold investments and/or mis-sold pension claim, you would need to fund up front the Court Fees of between £350 to £1,500 as your case progresses via the Court process and there may be arguments that you should have proceeded with your mis-sold investment and/or mis-sold pension claim via the Financial Ombudsman Service (FOS) rather than starting County Court Proceedings.
In any event if you pursue your mis-sold investment and/or mis-sold pension claim via the FOS/FSCS route and the claim is rejected by the FOS/FSCS, this does not prevent you from subsequently starting County Court Proceedings against the Opponent providing such proceedings are commenced at Court within 6 years from the date of advice provided by the Opponent or date of knowledge, depending on the circumstances of the advice, failing which your mis-sold investment and/or mis-sold pension claim will be statute barred, that is you will be out of time to pursue the claim via the Courts.
By signing this Agreement you confirm that you understand that you had the option of pursuing your mis-sold investment and/or mis-sold pension claim via the Financial Ombudsman Service (FOS) or Financial Services Compensation Scheme (FSCS) yourself without instructing us to act on your behalf utilizing the various sources of free help available, for example on the FOS consumer helpline and website www.financial-ombudsman.org.uk and or the FSCS consumer website www.fscs.org.uk and that you are instructing us to act for you instead simply to save yourself the time, effort involved and/or have difficulties in communication and/or understanding financial matters.
Your Authority For Us To Make Deductions From Your CompensationBy agreeing to be bound by the terms of this Agreement, you agree that any compensation monies offered by the Opponent in relation to your mis-sold investment and/or mis-sold pension claim can be paid by the Opponent directly to MRH Solicitors and that thereafter MRH Solicitors is authorised by you under the terms of this Agreement on achieving a “win” in your mis-sold investment and/or mis-sold pension claim to deduct from the said compensation monies paid to us the 35% Contingency Fee plus VAT plus disbursements with the balance of the compensation monies being sent to you.
You agree that if the Opponent fails to pay your mis-sold investment and/or mis-sold pension claim compensation despite agreeing to do so within a reasonable time frame, you authorise us to take recovery action, if necessary, Court Proceedings in your name to enforce the settlement agreement. Our charges in respect of such enforcement action are payable by you to us in addition to the 35% plus VAT Contingency Fee.
By agreeing to be bound by the terms of this Agreement, you understand that the terms of this Agreement shall apply separately to EACH mis-sold investment and/or mis-sold pension claim being pursued by MRH Solicitors on your behalf against the appropriate Opponent.
What Happens If You Lose – Charges and ExpensesIf you lose, that is, we are unsuccessful in settling your mis-sold investment and/or mis-sold pension claim and we fail to achieve a “win” for you, you do not pay us anything for the work that we have done on your case.
What Happens On Termination of This Agreement Prior To Your Claim Ending
PLEASE NOTE THAT YOU WILL ONLY PAY THE CHARGES REFERRED TO IN THIS SECTION IF YOU FAIL TO COMPLY WITH THE TERMS OF THIS AGREEMENT.IF WE ACHIEVE A “WIN” FOR YOU, YOU PAY US 35% OF YOUR COMPENSATION PLUS VAT PLUS DISBURSEMENTS AND IF YOU “LOSE” YOU DO NOT PAY US ANYTHING.
What Happens After This Agreement EndsAfter the Agreement ends we will inform the Opponent and if appropriate, in your case the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS), that we are no longer acting as your legal representatives. We have the right to preserve our lien over any property of yours in our possession unless any money owed to us under this Agreement is paid in full.
Timescale Mis-sold investment and/or mis-sold pension claims such as yours without recourse to the Courts can take from a few weeks to several months to settle and we anticipate a settlement of your case within 6 to 18 months of instructing us. However, if there are likely to be delays in the settlement of your case, we shall notify you of the reasons for any delays.
Fee-Sharing AgreementWe are required to inform you that we have entered into a fee-sharing arrangement with AIA Solicitors Ltd whereby on achieving a “win” in respect of your Mis-sold Investment and/or Mis-sold Pension claim, the 35% Contingency Fee plus VAT, payable by you to us in respect of our charges under this Agreement, is shared with AIA Solicitors Ltd, whereby 45% of the Contingency Fee will be shared with them for recommending you to us. We must stress that this is not a further deduction from your compensation.
Complaints ProcedureWe are committed to providing legal services of the highest standard and part of that commitment involves encouraging you to complain if you feel that we have not met the high standards that we have imposed upon ourselves. Whilst we expect that you will be satisfied with our work. If you feel that you have cause for criticism or complaint in respect of any aspect of the service provided by this firm to include a complaint about our bill, you are entitled to complain and we would invite you to address your complaint initially, in writing, to Mr. M. Patel, (director) or by telephone on 01204 535333 for immediate consideration so that any appropriate action can be taken without delay.
On receipt of your complaint we shall automatically invoke the firm’s Complaints Procedure which includes writing to you to notify you of how the complaint will be handled and within what timescales you will be given an initial or substantive response and thereafter we shall conduct an internal investigation handled by a senior member of the firm resulting in a full written response to you in compliance with the firm’s Complaints Procedure. On occasions, we may invite you to attend a meeting to explain the outcome of our investigation in more detail, in an effort to ensure that you will receive an adequate summary of the steps taken to resolve any problems. We emphasise that any such complaint or criticism will be regarded as an opportunity to improve our service both to you and to other clients. However, on concluding our investigations into your complaint, if you remain dissatisfied with the outcome, you have the right to complain to the Legal Ombudsman so long as the complaint is made within 6 months of you receiving our final response to your complaint and in any event within 12 months from when your complaint was first raised with us. You can contact the Legal Ombudsman via their website at www.legalombudsman.org.uk or by e-mail to email@example.com or in writing to P.O. Box 6806, Wolverhampton, WV1 9WJ.
A copy of the firm’s Complaints Procedure is available upon request from our offices and we shall handle any complaint promptly, fairly and effectively in accordance with the firm’s Complaints Procedure.
Confidentiality and External AuditsOur regulator the SRA, may request an audit of your file. By agreeing to be bound by these terms and conditions of business you confirm that you have no objections to your file being audited by them and you authorise us to discuss with them any and all aspects of your claim unless you instruct us otherwise.
Costs-Benefit and RiskWe can confirm that we advise on the basis of your current instructions / the current evidence that you have reasonable prospects of success, that is more than 50% chance of successfully pursuing your mis-sold investment and/or mis-sold pension claim against the Opponent and that the likely outcome justifies the legal expense and risk involved in this case.
Equality and DiversityWe are committed to promoting equality and diversity in all our dealings with clients, third parties and employees and are required to produce a written equality and diversity policy which we are able to provide to you on request.
MRH Solicitors is authorised and regulated by the Solicitors Regulation Authority, SRA Number 517896. The SRA Handbook sets out the standards and requirements we are expected to achieve and observe and can be accessed via the SRA website www.sra.org.uk/handbook/
CANCELLATION NOTICE PURSUANT TO THE CONSUMER CONTRACTS (INFORMATION, CANCELLATION AND ADDITIONAL CHARGES) REGULATIONS 2013
NOTICE OF THE RIGHT TO CANCEL
You have entered into a retainer (“contract”) with MRH Solicitors Ltd trading as MRH Solicitors (“MRH Solicitors”) for the provision of legal services in relation to your mis-sold investment and/or mis-sold pension claim. This only applies if you sign the contract: (i) at your home, workplace or at someone else’s home; or (ii) at our offices but following a visit by us (or someone acting on our behalf) to your home, workplace or someone else’s home; or (iii) at our offices but following a meeting between us away from our offices.
RIGHT TO CANCEL
You have the right to cancel the contract within 14 days without giving any reason. The cancellation period will expire after 14 days from the day of the conclusion of the contract. To exercise the right to cancel, you must inform us, MRH Solicitors of Caroline House, 115-125 Bradshawgate, Bolton, BL2 1BJ (our contact details are e-mail address firstname.lastname@example.org, telephone number 01204 535333 and fax number 01204 535444) of your decision to cancel the contract by a clear statement (e.g. a letter sent by post, fax or e-mail).You may use the attached model cancellation form, but it is not obligatory. To meet the cancellation deadline, it is sufficient for you to send your communication concerning your exercise of the right to cancel before the cancellation period has expired.
EFFECTS OF CANCELLATION
If you cancel the contract, we will reimburse to you all payments received from you. We will make reimbursement without delay, and not later than 14 days after the day on which we are informed about your decision to cancel the contract. We will make the reimbursement using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of the reimbursement. If you requested to begin the performance of services during the cancellation period, you shall pay us an amount which is in proportion to what has been performed until you have communicated to us your cancellation from the contract, in comparison with the full coverage of the contract. By signing the contract you instruct us to provide legal services to you in relation to your mis-sold investment and/or mis-sold pension claim during the Cancellation Period.
I / We confirm that I / We have read and understood the Terms of Engagement as set out in this “No Win No Fee” Contingency Fee Agreement and my / our signature below is my / our agreement to be bound by the terms and conditions set out in this Contingency Fee Agreement in relation to my /our mis-sold investment and/or mis-sold pension claim(s) and I / We instruct MRH Solicitors to act on my / our behalf on the basis of the above “No Win No Fee” Contingency Fee Agreement.
September 22, 2020
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Document Name: Mis-sold Investments & Pensions - No-Win, No-Fee Contingency Agreement
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