Financial mis-selling comes in many forms. It refers to a situation where you have been advised about a financial product by a bank, building society or financial advisor, and that advice was inadequate. Poor advice can relate to the product’s suitability for you or a failure to explain the terms or consequences of taking on that product.
You may be familiar with the term from adverts about PPI claims, but mis-selling exists across the whole financial sector, and the extent of this is only just coming to the fore. For example, many individuals may have been mis-sold mortgages, pensions, and car finance. If this has happened to you, this can have a devastating impact on you and your family’s financial future. If you think you have been the victim of financial mis-selling, we are here to help.
Types of Financial Mis-selling
Mortgage Mis-selling
Mortgage mis-selling can impact many individuals across a range of products. If you think you were sold the wrong product for you, or that the consequences of the product for you were not explained, please get in touch.
Some specific examples where mortgage mis-selling may happen:
- A mortgage runs past your retirement age.
- Affordability issues with self-certification mortgages.
- Re-mortgaging as a way of consolidating debt.
Pension Mis-selling
Pension mis-selling has been in the spotlight for years, but with the advent of self-invested pension plans (SIPPs), the scope for bad advice has expanded.
Some specific examples where pension mis-selling may happen:
- Transferring out of an occupational pension into the SIPP scheme.
- Purchase of an annuity rather than an income draw down pension.
- The risk profile on an investment portfolio does not match an individual’s attitude to risk.
Car Finance Mis-selling
Any financial product can be mis-sold, and we have seen an increase in claims relating to car finance. In particular, there is an increased scope for mis-selling where you have bought a new car with a Personal Contract Purchase (PCP). This method is an alternative to using a Hire Purchase Scheme, but does not always suit your circumstances and can lead you to pay a large amount at the end of the contract on top of your monthly payments. A PCP suits many people, but the terms need to be adequately explained and weighed up against other finance options to establish the correct choice for you.
We can Help You With Financial Mis-Selling
All financial mis-selling claims are fact-specific and dependent on whether the advice given to you at the time was appropriate given your circumstances. At iResolve-Legal, we specialise in raising claims against financial institutions that have mis-sold their products. Our efficient and effective service can be tailored to your situation, and we will quickly ascertain whether the product you have been sold has been done so appropriately. If you have any doubts about the suitability of any financial product, then contact us on 0141 442 0401, and we will assess your claim.
Raising a Claim for Mis-Sold Finance
Financial mis-selling claims are often raised as damages actions for negligent advice, and our experienced negligence lawyers will explain what is required to pursue your claim. On occasions, there is a claim for misrepresentation or an action for breach of statutory duty. Our expert team will guide you through your options and adopt an approach that will ensure the best results for you.
No win No Fee Financial Mis-Selling Claims
When you seek damages for financial mis-selling, you are already seeking to recoup money owed to you. The last thing you want is for the claim process to put further strain on your finances. Therefore, we offer clients a ‘no win, no fee’ arrangement for claims work, and if we can’t do that, we will provide you with an upfront fixed fee quotation so that you can assess the risk before proceeding to recovery. But, again, this will be explored and explained to you when you first instruct us.
To contact one of our experienced financial mis-selling lawyers, phone 0141 442 0401 or use our online contact form.