Were you mis-sold your pension? It can be difficult to tell, especially if your financial advisor didn’t do anything obviously wrong. However, if your current private pension isn’t offering as much income as you would have received from your old workplace pension, then you may have cause for complaint.
Just about any investment product can be mis-sold. The problems do not often lie with the product but instead with the explanations given at the time of purchase. Here are four of the most commonly mis-sold investment products.
In June 2017, the FCA (Financial Conduct Authority) published its proposals for changing the advice that individuals get from financial advisers on transferring their pension. In most cases, these transfers involved moving a pension from a defined benefit pension to a pension contribution scheme.
When reading about mis-sold investment in the media, it’s normal to focus on the financial aspect – the reduced savings, or the impact it might have on the victim’s retirement. Most people don’t consider the emotions associated with this type of incident; and in some extreme cases, how poor financial practice can lead to anxiety, depression and sometimes worse.
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.
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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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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.