Mis Sold Financial Services
What are mis-sold financial services/products?
The most common financial products which tend to be mis-sold to people include payment protection insurance (PPI), mortgages, SIPPs and other financial investments.
If you have lost or think you may lose money due to poor investment advice on any of these financial products, it’s likely that you were mis-sold them.
You could therefore be owed redress to put you back into the position you were in before you took out the financial product.
How do I know I was mis-sold?
You were mis-sold a financial product if you received unsuitable advice or incorrect information around a financial product, and therefore found yourself with something that doesn’t suit your needs.
The person who advised on your financial product is responsible for taking your personal needs into consideration. Before you agree to the product, your advisor must fully explained what the financial product can and can’t do, and the risks attached.
Even if you haven’t lost any money, some investments may be riskier than you were aware of at the time of purchasing. Making sure that you fully understand the risks of your investment is the responsibility of your advisor.
Making a claim
You should act as soon as you are...
Your complaint can be taken to the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) if your advisor or lender is no longer trading. In some cases, there is a limit of six years from the time you were sold your product, or three years from when you became aware of a potential mis-selling.
In certain circumstances, you can also seek redress through the courts and a solicitor can litigate on your behalf.
How we handle your claim
The first thing to do is to gather any relevant information and written proof of your mis-sold product.
We can handle your claim every step of the way from here on, from making the initial complaint to sorting the settlement. This means you don’t have to experience any stress you would have faced if you made the complaint yourself.
Once we have confirmation that you’re happy with us to move forward with your claim we will take the complaint to the provider of your financial product.
From the date of receiving our complaint letter, your provider has a time-frame of eight weeks. If they don’t reply within this time, or their final response letter is unacceptable, we will take your complaint to the Financial Ombudsman Service (FOS), who will takeover the complaint. The Ombudsman’s decision however, is final.
If you have been affected by a financial mis-selling, we can help. Get in touch our expert legal team today.