Compare Financial Mis Selling Compensation
Being mis-sold a financial product can mean you lose potentially significant sums of money. It can also leave you feeling betrayed and vulnerable. The good news is, if you are in this situation, you may be eligible to claim financial mis-selling compensation.
Compare financial mis-selling solicitors today to start your claim. Choosing the right legal specialist will help you to maximise your settlement.
What is financial mis-selling?
Under UK law, financial services must be sold in a manner deemed to be fair, clear and not misleading. A company advising you to purchase a financial product is legally required to recommend something that is appropriate for your needs, and they must give a proper explanation concerning what the product can and cannot do. They must also inform you of the risks involved.
Financial mis-selling refers to instances where banks or other financial companies sell products that are unsuitable for their clients. For example, you might have been a victim of mis-selling if you were not provided with the information you needed to make an informed decision, the risks were not explained to you or you were given unsuitable advice – and you therefore ended up with a financial product or investment that was not right for you. You may also have been mis-sold a financial product if you were not told about additional charges and fees that you incurred as a result of following advice, or if you were subjected to hard sales tactics that made you feel pressured into buying a product that you didn’t really want or need.
Which financial products can be mis-sold?
There are many different types of financial products that can be mis-sold. Some of the most common include:
You may have been mis-sold a mortgage if you weren’t advised about the commission your adviser would get from the lender or if the end date of the loan is after the date you are due to retire. Other instances where you may be able to make financial mis-selling claims include if you were advised to switch to a different lender and weren’t told about penalties and fees you would incur, or if you were advised to overstate your income or self-certify when applying for the loan.
You can’t seek compensation just because an investment performed badly. Some investments are inherently risky, and if you choose to take a gamble, you have to be willing to accept that it may not pay off. However, you can make a complaint if you weren’t informed about the risks involved. You may also be eligible for compensation if you weren’t given the details of how your money would be invested or if the product was not a fitting match for your attitude to risk or your needs as discussed with the adviser.
Mis-selling can occur with many types of insurance, from personal accident policies to life insurance. Examples of mis-selling include being pressured into buying financial protection, not being told about relevant exclusions to the policy, being told that the cover was compulsory and not having the full terms explained to you.
Other types of financial products that can be mis-sold include:
How do I seek compensation for a mis-sold financial product?
If you believe you have been a victim of financial mis-selling, you can take action against those responsible. Bear in mind that strict time limits apply to complaints, so you shouldn’t delay.
It’s important to gather all the information you need to make a complaint. You can then complain directly to the financial provider by following the firm’s complaints procedure. When you do this, make sure you explain the issue clearly to the provider. If you have written evidence, send a copy as proof. However, don’t worry if you don’t have such proof; it isn’t essential.
The company has eight weeks to respond to your complaint. If you don’t receive a response within this time period, or you are unhappy with the firm’s final response, you can refer the matter to the Financial Ombudsman Service (FOS) or Pension Ombudsman. You have up to six months to complain to the FOS and, in the case of the Pensions Ombudsman, up to three years from the date you were mis-sold a financial product, or became aware that you were mis-sold a product.
To maximise your chances of succeeding in your claim, and to help ensure you get the best possible compensation package, you can turn to a specialist financial mis-selling solicitor. They will be able to advise you on the strength of your claim and handle every detail of your complaint.
How much compensation will I receive?
The compensation you receive is designed to put you in the same position you would have been in if you hadn’t been mis-sold the financial product. For example, you might receive a refund of all the money you outlaid, and this could be in the form of a fixed sum or instalments.
A lawyer will be able to advise you on the amount of money you may be entitled to.
Compare claims today
When you have been the victim of financial mis-selling, Compare Compensation Claims is here to help. Our website makes it easy to find the right legal expert to take your case forward. Click here to use our search service to find a lawyer who specialises in financial mis-selling claims to assist you.