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Investment Mis-Selling News: December 2015

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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 adviser. In recent decades, the banks have hit the headlines again and again for mis-selling and other financial scandals. Here are the latest headlines:

Footballers lose £100 million to mis-sold investment scheme.

Some of the country’s most well-known footballers, including Rio Ferdinand, Robbie Savage and Danny Murphy, have lost millions on a mis-sold film investment scheme.

Former Arsenal striker Kevin Campbell is facing bankruptcy after losing £7million and Danny Murphy is due to receive a tax bill of several million.

Murphy spoke out about the situation: “A lot of this stuff was completely mis-sold and misrepresented.”

“We were the victims and you shouldn’t feel ashamed, you shouldn’t feel embarrassed.” He added. “We were just young lads trying to better ourselves and secure our future. I’m not ashamed to put my name out because we’ve got to expose this crisis.”

Mis-selling advisers are still targeting pensioners, despite serious warnings

The Financial Conduct Authority has published a damning report showing that two-thirds of firms are still mis-selling unsuitable investment products to older people despite a number of fines and warnings in the last four years.

The report found that financial companies are talking pensioners – including one over 90 – into taking out 20-year investments. A random review of 150 customer investments showed that at least one quarter had a “high risk of unsuitability.”

Pensions: the next mis-selling scandal

MPs have warned that older people could risk losing their savings unless the Government starts to address the growing problem of pension mis-selling.

A report published in October 2015 emphasised that the recent pension reforms leave pensioners at greater risk from unscrupulous financial firms.

Huw Evans, Director-General for the Association of British Insurers, said that “savers need much greater access to information, guidance and advice.”

Complaints Commissioner criticises FCA for handling of HSBC complaints

A year-long campaign by a whistle-blower has resulted in the Office of the Complaints Commissioner criticising the FCA for their handling of complaints against HSBC, which is being investigated after over-charging thousands of customers for credit cards.

Barclays fined £72 million over secret £1.9 billion deal

Barclays have been fined £72 million for an ‘elephant deal’ carried out three years ago involving ‘politically exposed persons’. The FCA concluded that the bank had chosen to run the risk of being used to finance terrorism or lauder money.

Santander sets aside £43million for mis-sold investment redress

Santander announced a further £43 million in compensation for poor investment advice. This follows £45 million that they set aside for investment mis-selling in February.

Is the FCA getting soft on fines?

The Financial Conduct Authority fined financial services firms 40% less than last year. Lawyers suggest the watchdog is more lenient without former boss Martin Wheatley.

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William Thornley I’m absolutely delighted with the service we got from Goodwin Barrett, I couldn’t believe how easy it was and i’ve nothing but praise for them
Alan Parton This was an excellent result which my wife and I never expected. My sincere thanks to you for such an excellent achievement, I cannot thank you enough
Stuart Snowden 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.
William Miller This was a fantastic result I never expected. My sincere thanks for such a prompt and efficient service.
Margaret Long I am so grateful to your company but especially to Steve Wise for getting me the money back
Janet Rynkiewicz We reported our findings to Halifax and within a matter of weeks had secured our client the sum of £26,700 in compensation.
Fred Hardman After we sent a detailed complaint to Halifax, Fred was delighted to receive £6,916 from the bank in a matter of weeks.
Stephen Montague Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,700.