What is financial mis-selling?
Financial mis-selling is where your bank or other financial company sold you a product that was not suitable for you or your needs.
How do I know if I have been mis-sold a financial product?
Mis-selling means that you were not given suitable or appropriate advice, the risks were not clearly explained to you, or you were not given the information you needed and therefor ended up with financial product or investment that is not right for you.
What sort of financial products can be mis-sold?
There are many financial products which can be mis-sold including: –
How do I seek compensation for a mis-sold financial product?
It is important that you gather all the information that you need to make a complaint. You can then complain directly to the financial provider by following the firm’s complaints procedure.
If you do not receive a response to your complaint within 8 weeks, or you are unhappy with the firms final response, you can refer the matter to the Financial Ombudsman Service or Pension Ombudsman.
If you are dissatisfied with the firm’s final response then you have six months to take your complaint to the Financial Ombudsman Service and in the case of the Pensions Ombudsman, three years from the date you were mis-sold a financial product, or became aware that you were mis-sold a product.
The compensation awarded is based upon putting you into the same position that you would have been in if you had not been mis-sold the financial product. For example this could involve a refund of all the money outlaid (whether paid in installments or as a fixed sum).
Assistance with making a claim
Click here to use our search service to find a lawyer who specialises in financial mis-selling to assist you with your compensation claim.