Mis-sold investments – Were you given misleading advice on a high-risk plan?
If you are a cautious investor who has been wrongly advised or
misled into investing money into a high-risk plan without realising,
you could claim compensation for money lost on a mis-sold investment.
Many cautious investors in the UK have suffered losses through
misleading advice on 'capital secure' investments, thinking that 'capital secure'
really did mean that their capital was safe.
Do any of these statements ring true with you?
- Have you been mis-sold an investment plan by your bank?
- Did you want to invest your money into a low-risk fund but the bank ignored your wishes and put your money
in a high-risk investment plan instead?
- Did your bank state that your investment value could not decrease?
- Did they imply that the term ‘100% Capital Secure’ meant your capital was not at risk?
- Did you find the bank's brochures misleading with statements like '100% of your capital back'?
- Were all the risks of investing your money fully explained to you by the bank?
- Based on your financial goals did your bank try and sell you financial products which you feel were unsuitable,
even if you have not lost money?
- Did you have problems accessing your money, after being led to believe you would have instant access?
- Did the bank encourage you to tie money up in long term arrangements without making sure you were left with enough money for your short term
- Do you believe that your bank gave you misleading advice and that you may be a victim of misleading investment sales practices?
If you answered YES then you can claim compensation from your financial advisor/broker. See below for how to do this.
Even worse, banks are mis-selling high-risk investment plans to vulnerable elderly
people who are losing thousands upon thousands of pounds despite thinking that their
capital is secure.
It is this misleading promise that means many cautious investors don’t realise for
some time that they have lost money through risky investments.
Claim compensation for a mis-sold investment
If you or an elderly friend or relative has been mis-sold an unsuitable investment
product where your money has been put into risky investment plans against your wishes
you could claim compensation for your mis-sold investments – especially
if you have lost money because of the high-risk investment.
How much will it cost to claim compensation for my mis-sold investment?
If you think you have a claim for a mis-sold investment you can claim back your whole investment sum that was lost for absolutely no cost at all. We initially advise you make a direct complaint to your financial advisor/broker in writing. If they reject your complaint or fail to respond to your complaint within 8 weeks, you should then refer your claim to the Financial Ombudsman Service. Please bear in mind that you need to do this within 6 months of the date of your final response letter to prevent your claim from becoming time barred. Before you do so, gather as much information as possible in support of your claim. You can do this by requesting all the information you require from your financial advisor/broker. This will not only quicken the process but the more information you have in support of your claim the higher the prospects of your claim succeeding.
You may contact the Financial Ombudsman Service on the following contact details:
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
Telephone: 0800 023 4567 or 0300 123 9 123
The Financial Ombudsman Service provides a service that is free of charge to consumers. They are a mutual body that investigate mis-sold investment claims after having gathered information from both parties in order to reach settlement.