Mis Sold Investment Claims

All mis sold investment claims are dealt with on a No Win, No Fee basis. Contact us for free initial advice and we will help you.

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If you’ve lost money on an investment, you could be due thousands of pounds in compensation if you were mis sold an investment by your bank, building society or by a financial advisor.

You may have just written off the lost money as part of the risk you took when you invested your money, but it’s worth talking to one of our specialist Claims Managers to see if you could make a claim for compensation.

When we assess whether you have a claim we consider the advice you were given at the outset to understand whether it was suitable and if the adviser fully understood your circumstances and requirements at the time.

We don’t take any money upfront for mis-sold financial investment claims and we only get paid if you win. We can help you with claims such as:

For free initial advice call our specialist financial investment Claims Managers.

Call us on 08002605010 or request a callback and we will help you.

How Do I Know I Was Mis Sold an Investment?

It can be difficult to know if the investment advice you were given was suitable or not. One of the best ways to find out if you were given poor financial advice is by getting free initial advice from one of our experienced Claims Managers. They can tell you quite quickly if you could claim compensation for the money you lost through your investment.

But to get a good idea if you were mis-sold a financial product, read through the statements below and if you agree with any of them, the financial advice you received could have been poor and you could have been mis sold an investment:

  • My advisor didn’t properly explain the risks
  • They didn’t tell me how much money I could lose
  • They didn’t fully explain how the investment worked
  • I didn’t know that I would lose money if I surrendered the investment early
  • I was not told about the fees associated with my investment
  • My advisor didn’t ask what I hoped to achieve from the investment
  • My advisor didn’t understand my plans for the money
  • I had no previous investment experience

In addition, you could have been mis sold an investment if:

  • You were pressurised into investing your money
  • You were promised a completely safe investment
  • You were guided towards a particular product
  • You were persuaded to move your money from one investment to another, promising better returns.

Whatever your situation, we can review your position and help you decide if you want to make a claim for a mis sold investment.

People We've Helped

Here is some feedback from clients we've successfully helped to get money back on their investments.

I contacted Simpson Millar to discuss a Stocks & Shares ISA I took out with the Halifax back in the Nineties. Although I hadn’t lost money on it I had never really been happy with the investment. With my authority, Graham was able to obtain all of the details of my investment and put my case forward to the Halifax. I was absolutely delighted to hear that my complaint was being upheld and was awarded in excess of £1,800. The service provided by Simpson Millar was Brilliant!Mrs O from Bootle
I was mis-sold an investment product over 12 years ago and unfortunately lost a significant sum of money. Andrew at Simpson Millar assisted me with my claim against my bank. Due to the length of time since the event, my memory of the details was poor. However Andrew helped out with the process of recovering the details, contacting the bank and submitting the complaint. Fortunately the bank decided to uphold my complaint and compensate me for my losses. This wouldn't have been possible without Andrew's help and I thoroughly recommend the quality of his advice and the service provided.Andy from South London

Types of Mis Sold Investments

There are many different types of investments that could have been mis sold. Here are some of the most common ones:

  • ISAs
  • Managed Portfolios
  • With Profit Bonds
  • Investment Bonds
  • PEPs
  • Open Ended Investment Companies

Let’s look at them individually.

Mis Sold ISA Claims

ISAs (Individual Savings Accounts) were available from April 1999 and replaced PEPs and TESSAs. Their aim is to give a tax efficient way of either saving or investing lump sums or regular amounts.

A Stocks and Shares ISA does carry some risk and could have been mis sold. Cash ISAs on the other hand are just savings accounts with no risks attached.

If you didn’t understand the difference between Stocks and Shares ISAs and Cash ISAs, you could have been mis sold an ISA.

ISAs could have also been mis sold because the bank or building society may have not:

  • Consider your financial or personal situation when you invested
  • Take into account your future plans for the money, such as school fees or retirement
  • Ask if you wanted to take a risk with your money
  • Explain the complexity of the investment

If you think you were mis sold an ISA, contact one of our specialist Claims Managers today.

Mis Sold Managed Portfolio Claims

A Managed Portfolio is a range of investments managed by a Portfolio Manager. The overall risk of your portfolio is dependent on your own personal needs and attitude to taking risk. This could include a range of investments from a number of different providers.

The role of your Portfolio Manager is to make sure that:

  • You’re regularly kept up to date with your investments
  • Your portfolio is as tax efficient as possible
  • It allows for any changes in your circumstances

Managed Portfolios were typically used for people with more than £50,000 to invest.

Although you are spreading the risk across a number of investments, your money was still exposed to risk and you could have received poor advice.

This is particularly true if your advisor didn’t ask about:

  • Any other investments you may have
  • Your current financial situation
  • Your understanding of the risks involved with the investments in the portfolio
  • Your plans for the money
  • Your personal circumstances at the time of the investment

Get in touch for free, specialist advice if you think you were mis sold a Managed Portfolio Investment. 

Mis Sold With Profit Bond Claims

With Profit Bonds are generally lower risk investments. A lump sum investment is put into different assets classes, which means the risk is spread by investing in things such as commercial property or corporate bonds.

You could use your With Profits Bond for growth or to provide you with an income by cashing in some of your units.

There are some penalties associated with With Profit Bonds, such as a Market Value Reduction. This happened if you needed to cash in your bonds.

If you weren’t informed about these penalties at the outset, you may have been Mis Sold With Profit Bonds and could potentially have a claim for compensation.

Mis Sold Investment Bond Claims

Investment Bonds are some of the most commonly mis sold investments we come across.

An Investment Bond is lump sum investment into a fund of your choice. The amount you receive on surrender will depends on how well the investment performs.

Financial Advisors were encouraged to sell this product in the past because they came with large commissions and bonuses. Because of these, many advisors were getting customers to sign up to Investment Bonds even if they weren’t the best option for them. In these circumstances, you could have a claim.

Investment Bonds came with associated costs and if you weren’t advised of these when you took out the Investment Bond, this could result in compensation for a mis sold investment.

Mis Sold PEP Claims

Personal Equity Plans (PEP) allowed investors to invest tax efficiently on the stock market. Stocks and Shares ISAs replaced PEPs in 1999 and all PEPs were converted to ISAs in 2008.

The stock market was performing well when PEPs were available, so typically returns on were good, even though there were risks attached.

When you decided to invest in a PEP, your advisor should have explained all risks involved at the start. They should also have discussed any alternative products that could have been suitable.

If any of these things weren’t discussed, you could have a claim for compensation for a Mis Sold PEP.

Mis Sold Open Ended Investment Companies Claims

Open Ended Investment Companies (OEICs) are flexible investments for smaller investors.

Open Ended Investment Companies are usually invested in for at least five years. As these investments are medium to long term, any advisor would need to be comfortable that you could set this money aside for at least five years.

There are also fees associated with Open Ended Investment Companies. If your advisor didn’t explain these costs or the risk associated with an Open Ended Investment Company, you could have a compensation claim.

Mis Sold Unit Trust Claims

A Unit Trust is a collective investment where your money as an investor is pooled with other investors money by the bank or building society to spread the risk.

Unit Trusts are medium to long term investments, which may not suit everyone, particularly if you have short term plans for some of the money.

There are fees and costs for Unit Trusts, which if they weren’t properly explained, could form part of your compensation claim.

As with all investments, there were risks associated with Unit Trusts. If you weren’t made fully aware of these risks, you could make a claim.

Talk to one of our specialist Claims Managers for free initial help and advice.

Mis Sold Capital Protected Bond Claims

A Capital Protected Bond allowed investors the opportunity to benefit from investing in the stock market, whilst providing them with an element of protection.

Despite the obvious benefits of Capital Protected Bonds, there were still risks involved such as the penalties and risks of early withdrawl or the impact of inflation on the real value of the original investment.

Other reasons that these investments were mis sold were:

  • You weren’t in a position to put the money aside for medium to long term
  • You invested too high a proportion of your funds

If you think that any of these things apply to you, call us to discuss if you have a claim.

Why Choose Simpson Millar?

Our experienced Claims Managers have many years’ of experience helping people just like you to claim compensation for Mis Sold Investments.

It can be difficult to know if you were mis sold an investment or not, but our helpful advisors will talk to you in detail and get all the information they need to help you understand if you have a compensation claim.

All claims are dealt with on a No Win No Fee basis so there is no financial risk to you. 

Call us on 08002605010 or request a callback and we will help you.

Mis Sold Investment Claims FAQ

How long does it take to make a claim?

Once the bank has acknowledged receipt of your complaint we’d expect to have a final response from them within 8 to 12 weeks.

Can I make a claim myself?

Yes, you can make a complaint direct to the Bank, Financial Adviser or the Financial Ombudsman Service yourself but most people choose to use Simpson Millar because of the experience of our Claims Managers and their expertise in this area.

How much will it cost?

If we're successful we will charge a fee of 40% plus VAT (total of 48%) of the total amount of compensation you receive from your claim. If your claim isn’t successful, there’s no charge.

How much will I get in compensation?

This really depends on the specific details of your case. Once we’ve had a chance to review all the details of your investment, your Claims Manager can give you guidance on this.

What happens if they reject my claim?

If the bank or Financial Adviser reject your claim, we have the right to refer your case to the Financial Ombudsman Service who will review your claim independently.

What information do you need from me to progress my claim?

So you have the best chance of a successful claim, we need to understand as much about your investment as possible. This can be from your own recollection or from any paperwork you have. We can also get information directly from the investment provider. Our Claims Managers will guide you.

How far back can you go?

We can go back to the late 1990s but it depends on which financial institution your investment was with and what paperwork you’ve kept relating to it.

Is there a limit on the amount of compensation?

No. If your claim is settled by the bank there is no upper limit but if your case is referred to the Financial Ombudsman Service, there’s a limit of £150,000. In cases where the complaint is sent to the Financial Services Compensation Scheme (FSCS), which usually happens when the firm who provided the advice is no longer trading, a limit of £50,000 is applied.

Are there any time limits on making a claim?

The banks can reject your claim if it’s more than 6 years since you received the advice or the investment was closed more than 3 years ago. But our experts will outline why they feel your complaint should not be time-barred and they have had a great deal of success in overcoming this.

Do you offer No Win, No Fee claims?

Yes. If we’re not successful there is no fee to pay for our services.

For initial advice call our Claims Managers

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Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Bristol, Cardiff, Lancaster, Leeds, Liverpool, London and Manchester.