Dear Sir,
My bank give me an overdraft to invest in an Equity link note tied to a certain share with a 12% return based on a strike price and date. Now the share is trading at 0.82. Can I terminate the order to purchase. I was not given and risk disclosure or details about the product.
REPLY
I am not familiar with the terms of the contract. But, I believe that you can terminate the contract. Before you take this decision, ask the bank to give you a statement of your posItion showing:
- your loss, if you terminate the contract now
- chance of recovering the loss or the risk of making a further loss, if you continue the contract
The bank has the duty to advice you, as they recommended the product to you in the first place.
Get the facts before you make a decision.
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