The Financial Conduct Authority (FCA) recently announced plans to ban the marketing of mini-bonds to casual investors – a ban which is set to come into action from the 1st January 2020. The decision comes after the FCA were criticised for their handling of the London Capital & Finance scandal, which happened at the start of 2019.
Personal Contract Purchase (PCP) schemes are a useful way to get the vehicle you want, without spending out a huge lump sum. Thousands of people across the UK have used a PCP as a loan to pay off the cost of their car, but unfortunately, there’s a catch. While some of these schemes are solid, others were poorly sold – with customers signing up, without being told about the financial risks.
The appeal of mini-bonds (on paper) can’t be denied. With returns of 6.5% to 8%, London Capital & Finance’s offerings certainly attracted many investors, keen to maximise their profits. However, when the company collapsed earlier in 2019, it left over 11,000 customers out of pocket.
In these environmentally-aware times, increasing numbers of people are keen to invest in sustainable products. However, doubt has been cast over just how eco-friendly or ethical these investment products actually are. In fact, it’s become such an issue that the FCA have promised to tackle the problem head-on.
When the government offered retirees more freedom with their pensions in 2015, thousands signed up for annuities in the belief they would benefit from a sustainable income that reflected their personal circumstances.
Individual Savings Accounts (ISAs) have become one of the most popular methods of investment for many people due to the high levels of tax efficiency they offer.
Financial mis-selling refers to a situation in which you, the client, were sold a financial product without receiving the right information.
In a recent investigation, the Financial Conduct Authority (FCA) has found that high interest rates in car deals could be costing customers £300,000 million per year.
It is estimated that approximately one-third of UK pensions have been mis-sold, with the number of people applying for compensation doubling in the last two years
Compensation claims for mis-sold pensions have reached an all-time high, with the number of payouts in the UK doubling between 2016 and 2018
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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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Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,000.