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If an investment has been mis-sold to you, this means you bought it after being given unsuitable or inaccurate advice. Maybe the risks were not explained to you or you were not given the full information you needed to make an informed choice. If something is mis-sold, the result is ending up with a product that is unsuitable for your needs.
Mis-selling as it occurs within the financial industry, can be committed by brokers, independent financial advisors, bank representatives and other salespeople who deal in financial products or services. The Financial Conduct Authority (FCA) state that financial services must be sold to you in a manner that is “fair, clear and not mis-leading”. Professionals who deal with finance must work in your best interests and advise you to buy something suitable for your needs. They must also explain properly what it can and cannot do. Every risk should be explained, otherwise you may be entitled to compensation.
Whether or not you have lost money, if you have been the victim of mis-selling, you can still make a claim. (The same is not true if a legitimate investment performs badly and you were told about possible risk).
- Overseas property projects
- Development of ‘holiday hotspots’
- Storage pods
- Sustainable energy
- Australian Farmland
When making a financial investment, did you experience any of the following:
- A Lack of understanding – Did you understand the process of the investment you were advised to make.
- Pressure selling – did you uncomfortable or pressured into an investment that you didn’t really need, want or understand?
- Poor advice – Have you since, found out that your existing investments were more suitable to your needs?
- Lack of transparency on fees – Maybe you were not informed of any management fees or additional costs attached to the investment.
- Inadequate advice about the risks – you should have been given advice about the risky nature of investing.
- Advice that you could avoid tax – did your financial or pensions adviser an investment as a means of tax avoidance?
If so then you may be eligible for compensation. Get in touch with one of our advisors who will guide you through the process.