SIPP mis-selling, inadequate advice on defined benefit pension transfers, and mis-sold annuity claims are all in the news as companies, regulators, and the FSCS continue their attempts to right the mis-selling wrongs of the past.
As banks reported their results for the first half of 2017, further details emerged of the millions they are still setting aside to settle claims for compensation for mis-selling structured investment products and pensions. Plus, investors in a collapsed overseas property scheme start to get compensation.
The UK’s biggest banks find themselves faced, once again, with significant fines and the FCA are experiencing criticism for cover-ups and other controversial suggestions. Here’s a round-up of the latest investment mis-selling news.
Recent mis-selling scandals should have made banks more careful about how they sell investment products to their customers. However, mis-selling continues to be a problem, and if you’re thinking of investing, it’s important to know how to protect yourself against it.
Losing money is a risk any investor has to accept, and most people do accept it. But every investor, no matter what their level of experience, deserves to understand exactly what they are risking and where their money is going. When a high street bank is found to have systematically mis-sold thousands of investments – usually preying on older customers with savings to invest – the level of outrage it sparks is understandable.
The high street banks have hit the headlines again and again for mis-selling investment products to their customers, many of whom have lost large sums of money – sometimes their entire life savings – because the likes of Barclays, Lloyds and RBS convinced them to make completely unsuitable investments. The banks have each paid out millions of pounds in fines and compensation, but sadly, it looks as though investment mis-selling will continue to be endemic in 2016.
We’ve put together the biggest investment mis-selling news stories from the last month to help you stay informed. An investment is mis-sold if you lose money on your investment as a result of poor financial advice from your bank or advisor.
Firms should be authorised by the Financial Conduct Authority before they offer you financial advice. If your firm is not on the FCA’s approved list, we would advise you to proceed with caution.
Most people are aware of the potential pitfalls when investing money, and these days, they’re especially aware of the risk of investment mis-selling. Poor advice, lack of risk assessment and reluctance to offer a full range of products are common issues, and all are grounds to make a claim.
It’s safe to say that the various mis-selling scandals of the last decade have shaken British people’s trust in their financial institutions. In fact, the Financial Services Compensation Scheme (FSCS) in conjunction with the Warwick University Business School recently released a report that reveals just how low our trust in our banks has fallen – and why.
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After sending a report to Santander, they agreed with our findings and awarded Mr Snowden an amount of £7,000 made up from a refund of the losses together with interest and compensation.
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I am so grateful to your company but especially to Steve Wise for getting me the money back
We reported our findings to Halifax and within a matter of weeks had secured our client the sum of £26,700 in compensation.
After we sent a detailed complaint to Halifax, Fred was delighted to receive £6,916 from the bank in a matter of weeks.
Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,700.