Bank signed me up to wrong investments

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hsbcunhappy

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In March 2007 I signed up for an investment fund in BRIC equities. The bank made a data entry error and put my 19 monthly contributions towards Indian Equities. I received a letter from the bank today admitting their mistake and offering me a refund of the difference in Net Asset Values between the two funds (around $300).

Am I entitled to reclaim the $4,950 the bank erroneously allocated to a fund I did noy sign up to?

Thank you,

Marcus
 
What happened to that $4950? Don't you still have it in the form of Indian Equities funds?

If both investments tanked, you can't blame the bank for that.
 
Thanks for your reply,

I have no problems with investments tanking. My beef is that I signed a contract with the bank for a BRIC equity fund. The bank mistakenly put my 20 months of contributions into an Indian Equity fund. The wealth management manager has written to me to say the bank made a mistake. Because of this mistake (I did not sign up for Indian Equity) am I entitled to have my contributions refunded in full?

Thank you.
 
You might be. Or you might be entitled to be put back in the position you would have been had the bank done it's job properly, i.e. to be in possession of whatever amount of BRIC equities you would have bought at its various prices over the last 20 months.
 
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