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Recorded phone call with financial advisor

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Recorded phone call with financial advisor

Postby jayzeus » Tue Sep 27, 2016 6:29 pm

Hello all,

I'm interested to understand the legal standing of a recorded phone conversation with a financial advisor.

The advisor in question was promising the return of monies invested in a pension product on the basis that is was missold and not appropriate for me (the investment lapsed with zero value once I changed my country of residency, when I had made him aware that I would be doing this). In my final phone conversation with the advisor last month (which I recorded) I was assured the monies would be returned to me within in a few weeks once he returned from holidays - that the refund signed off and approved internally by his company. When I tried to get in touch a few weeks ago for an update, I was informed by his manager that said advisor had since left the company and the manager claimed ignorance as to the details of my case and conversations. He asked for any documented evidence I had to support my claim that I had been due a refund.

The advisor was careful not to use email and always use the phone, so I became began recording the conversations. My question now is whether my recordings stand up, legally speaking. Can I forward them to his manager as evidence of what was promised to me?

Thanks for your time and input.
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Re: Recorded phone call with financial advisor

Postby atticus » Tue Sep 27, 2016 6:34 pm

Yes.
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Re: Recorded phone call with financial advisor

Postby Hairyloon » Tue Sep 27, 2016 6:48 pm

Many such conversations are preceded by the words "calls may be recorded"...
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Re: Recorded phone call with financial advisor

Postby atticus » Tue Sep 27, 2016 7:26 pm

Words which I suspect the OP did not use.
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Re: Recorded phone call with financial advisor

Postby Hairyloon » Tue Sep 27, 2016 7:39 pm

atticus wrote:Words which I suspect the OP did not use.

No, but the financial advisor, or his automated telephone handling system may have done.
Or are you arguing that "calls may be recorded" is not a grant of permission? Not that permission is actually needed, but it doesn't hurt to have it.
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Re: Recorded phone call with financial advisor

Postby atticus » Tue Sep 27, 2016 7:43 pm

The answer to your question is no.
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Re: Recorded phone call with financial advisor

Postby jayzeus » Tue Sep 27, 2016 8:11 pm

thank you for your replies.

i informed the advisor in a face-to-face meeting that i was dissatisfied with the progress in the refund and would be recording our conversations from then, though in our actual conversations on the phone i did not remind him they were being recorded. is this significant?

lastly, i bought into the product while on work secondment in Switzerland. i was told by the advisor's manager that I will need to liase with their UK office as I am back in the UK. Would UK law still be applicable or should I be looking into Swiss law?
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Re: Recorded phone call with financial advisor

Postby atticus » Tue Sep 27, 2016 8:21 pm

You dealt with a Swiss adviser while in Switzerland?
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Re: Recorded phone call with financial advisor

Postby jayzeus » Tue Sep 27, 2016 8:25 pm

it's an international financial advisory firm but I was dealing with their Swiss office. The manager expects me to deal with their UK office now I am back in the UK.
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Re: Recorded phone call with financial advisor

Postby atticus » Tue Sep 27, 2016 8:49 pm

If you signed a contract with the adviser company, take a look at the choice of law and jurisdiction provisions.
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