MIS-SOLD INVESTMENTS OVERVIEW
Mis-sold investment is defined as the deliberate, reckless or negligent sale of products or services in circumstances where the contract is either misrepresented, or the product or service is unsuitable for the customer's needs. For example, selling life insurance to someone who has no dependents is regarded as mis-selling.
Investment mis-selling is a result of improper banking practices ranging from pressure-led sales staff with targets to meet to bad management at some of the country’s leading banks. Bank of Scotland, Santander, Lloyds, Barclays and First Direct are just some of the banks that have been fined for mis-selling investments.
Elderly clients were often targeted as they are more likely to have significant savings. Others included people who had raised capital from property sales, businesses or other assets, and were quickly contacted by their bank enquiring about investment opportunities.
You can claim back your losses if:
- You were sold an SIPP or poor returning annuity.
- You were sold an investment without having been properly advised of the risks.
- Your personal circumstances or attitude to risk were not properly considered.
- You were advised to invest all or most of your savings into a single investment.
- You were advised to unnecessarily transfer a pension.
- You were sold a property fund investment.
- Your pension is worth a little more or even less than the contributions you paid into it.
- You were sold a guaranteed investment plan/bond and, although you received your money back, you have lost years of interest.
- You were not made fully aware that you might have lost money overall at the end of the agreed investment period.
- You were not made aware of how much money you would stand to lose over the investment.
- You were not told about how the investment product worked.
- You did not have the terms of the investment fully explained, including the financial penalties for taking out your money early.
- You were not told of the annual management charge.
- Your advisor did not take due care and consideration over what you hoped to achieve from your investment.
- Your advisor did not enquire as to what the returns were earmarked for, such as retirement, school fees, health care, and so on.
- Your advisor did not ensure that you had a good level of investment understanding.
- You were not asked if you held other investments.
- The alternatives were not explained if the investment proved unprofitable.
If any of these circumstances apply to you, you can make a claim for your mis-sold investment. Fill up and submit the form below so we can assist you right away.