AIA Solicitors

Mis-sold Investments & Pensions - No-Win, No-Fee Contingency Agreement


NO WIN NO FEE – CONTINGENCY FEE AGREEMENT FOR MIS-SOLD INVESTMENT AND/OR MIS-SOLD PENSION CLAIM

“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 Agreement
Our 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.

  1. We have been instructed by you to pursue a claim for a mis-sold investment and/or a mis-sold pension against the Opponent. We advise that for your mis-sold investment and/or mis-sold pension claim to succeed you will need to establish liability, that is, fault (negligence and/or breach of statutory duty) on the part of the Opponent resulting in you sustaining financial losses.
  2. We will require documentation to investigate your claim, in particular, bank or transaction statement and other documents and if you do not have a copy of the same we will require you to sign a letter of authority authorizing us to obtain the documents from the opponent directly. Thereafter, we will assess your investment and/or pension claim and if appropriate, pursue on your behalf, a claim for damages that is compensation by way of reimbursement for the loss you have suffered plus statutory interest and/or any other appropriate settlement remedy.
  3. We will correspond and negotiate with the Opponent on your behalf in respect of your mis- sold investment and/or mis-sold pension claim.
  4. We will inform you of all offers that we receive from the Opponent.
  5. We will forward to you the compensation / settlement monies agreed in settlement of your mis-sold investment and/or mis-sold pension claim, as soon as possible after the deduction(s) of our charges by way of the Contingency Fee as described below at ‘What Happens If You Win – Charges and Expenses’.
  6. We have been instructed by you to pursue a claim for a mis-sold investment and/or mis-sold pension against the Opponent to include requesting that the Opponent conducts an investigation in relation to the advice provided in relation to the investment and/or pension sold to you.

What Is Not Covered By This Agreement

  1. This agreement does not extend to representing you in making a mis-sold investment and/or a mis-sold pension claim against the Opponent by way of Court Proceedings in the County Court. Instead, our work shall be limited to reaching a settlement in respect of your mis-sold investment and/or mis-sold pension claim with the Opponent by way of (i) direct non-litigation negotiations failing which (ii) pursuing your claim by way of submitting an Application to the Financial Ombudsman Service (FOS) or Financial Services Compensation Scheme (FSCS) to adjudicate on whether you were mis-sold an investment and/or pension by the Opponent, (“the FOS/FSCS route”).

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 Responsibilities
We 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.

Your Responsibilities

  1. To co-operate fully with us in progressing your mis-sold investment and/or mis-sold pension claim, to provide prompt, honest, accurate instructions and to provide full disclosure of all information relevant to your claim favourable or otherwise.
  2. To provide any relevant supporting documentation relating to your mis-sold investment and/or mis-sold pension claim.
  3. To provide us with your authority to correspond and negotiate with the Opponent by returning promptly the signed Letter of Authority.
  4. To return to us promptly, if required, the Financial Ombudsman Service or Financial Services Compensation Scheme Application Form document subject to your agreement duly signed.
  5. To notify us immediately should you receive any direct communications such as telephone calls, e-mails or letters from the Opponent in relation to your mis-sold investment and/or mis-sold pension claim, in particular, any offers made to you direct to settle your claim and sending to us any such communications within 24 hours.
  6. You must not accept any offers made to you directly by the the Opponent without our prior agreement.

People Responsible for Your Work
Ms. 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 Expenses
A “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 :-

  1. Compensation Cheque Sent By The Opponent To Us – you pay us 35% plus VAT in respect of our charges which will be deducted (your authority for us to make the said deduction is provided by you on signing the declaration confirming your agreement to be bound by the terms of this Agreement) from the compensation / settlement monies sent by the Opponent to us in settlement of your claim OR
  2. Compensation Cheque Sent By The Opponent To You – you pay us 35% plus VAT of the compensation cheque sent to you in respect of our charges in respect of which we will send you a bill of costs direct for the said charges which will become payable by you to us within 7 days of the date of deemed service upon you of our bill of costs. If our bill of costs is not paid in full within 28 days of the date of deemed service upon you of the said bill of costs we will have no alternative but to commence debt collection proceedings at Court against you to recover the debt owed to us incurring additional costs which we shall seek from you in addition OR
  3. Compensation Credited By Of Non Cash Benefit – you pay us 35% plus VAT of the value of the non-cash benefit in respect of our charges in respect of which we will send you a bill of costs direct for the said charges which will become payable by you to us within 7 days of the date of deemed service upon you of the said bill of costs. If our bill of costs is not paid in full within 28 days of the date of deemed service upon you of the said bill of costs we will have no alternative but to commence debt collection proceedings at Court against you to recover the debt owed to us incurring additional costs which we shall seek from you in addition OR
  4. An Offset Only Settlement Offered By The Opponent – you pay 35% plus VAT of the amount of the offset against your existing loan with the Opponent in respect of our charges in respect of which we will send you a bill of costs direct for the said charges which will become payable by you to us within 7 days of the date of deemed service upon you of the said bill of costs. If our bill of costs is not paid in full within 28 days of the date of deemed service upon you of the said bill of costs we will have no alternative but to commence debt collection proceedings at Court against you to recover the debt owed to us incurring additional costs which we shall seek from you in addition.

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 Compensation
By 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 Expenses
If 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.

  1. We can end this Agreement in writing at any time if we advise that your mis-sold investment and/or mis-sold pension claim is unlikely to succeed in which case you do not have to pay us anything for the work that we have done on your case.
  2. We can end this Agreement if you fail to comply with Your Responsibilities as outlined above in which case you will be responsible for our reasonable charges to that date based on the time we spend dealing with your case to include telephone attendances, considering, preparing and working on papers and correspondence and making and receiving telephone calls on an hourly rate of £350 plus VAT and reimbursement of any “disbursements” we have incurred on your behalf payable within 7 days of deemed service upon you of our bill of costs. Such charges will in any event not exceed 35% of the value of the mis-sold investment and/or mis-sold pension claim plus VAT.
  3. We can cancel this Agreement in writing if you accept an offer that we consider to be inadequate or you reject an offer that we consider to be reasonable in which case you will be responsible for our reasonable charges to that date based on the time we spend dealing with your case on an hourly rate of £350 plus VAT and reimbursement of any disbursements we have incurred on your behalf payable within 7 days of deemed service upon you of our bill of costs. Such charges will in any event not exceed 35% of the value of the mis-sold investment and/or mis-sold pension claim plus VAT.
  4. You can cancel this Agreement in writing at any time prior to the settlement of your mis-sold investment and/or mis-sold pension claim and if you choose to do so then you will be responsible for our reasonable charges to that date based on the time we spend dealing with your case on an hourly rate of £350 plus VAT and reimbursement of any disbursements we have incurred on your behalf payable within 7 days of deemed service upon you of our bill of costs. Such charges will in any event not exceed 35% of the value of the mis-sold investment and/or mis-sold pension claim plus VAT.
  5. We also advise that there are circumstances where we may be entitled to exercise a lien for unpaid charges, for example, if you instruct another firm of Solicitors to take over conduct of this case, we are entitled to payment of our charges and any disbursements incurred on your behalf up to that date before forwarding your file of papers to the newly instructed firm of solicitors. Such charges will in any event not exceed 35% of the value of the mis-sold investment and/or mis-sold pension claim plus VAT.

What Happens After This Agreement Ends
After 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 Agreement
We 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 Procedure
We 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 enquiries@legalombudsman.org.uk 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 Audits
Our 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 Risk
We 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 Diversity
We 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 mail@mrhsolicitors.co.uk, 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.

 

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Declaration

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.

 

November 30, 2020

Name of first applicant:

Name of second applicant:

 

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June 23, 2020 12:33 pm GMTMis-sold Investments & Pensions - No-Win, No-Fee Contingency Agreement Uploaded by Mohammed Patel - info@aialaw.co.uk IP 82.16.109.58
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