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.
As reports increase of banking mis-selling and compensation claims against UK banks continue to rise, claims are also increasing against independent financial advisers. These IFAs are finding themselves implicated through their recommendation of certain banking products, and suffering the knock-on effect of heightened Professional Indemnity (PI) rates.
Despite continuous warnings, fines, apologies and promises to do better, mis-selling and misconduct remains a problem in British banking. Barclays are the latest bank to suffer a high-profile scandal after being fined £72 million by city regulator the Financial Conduct Authority (FCA) – a strong indication that the era of banking misbehaviour is not yet a thing of the past.
Many investment mis-selling complaints made to the Financial Ombudsman Service are related to inadequate investment advice. Customers report that their financial adviser did not provide them with a full range of options, or suggested an investment product that wasn’t suited to their needs.
According to the Office of National Statistics, around half the UK now conduct their banking affairs online. (1) In fact, you don’t even need a computer to do your banking – thanks to banking apps, it’s now possible to make payments and manage your account via your smart phone.
You’ve lost a considerable amount of money on an investment product that you were led to believe would perform well. It’s clear you deserve some kind of compensation. But have you been the victim of investment fraud, or have you been mis-sold a product that wasn’t suitable for your needs?
The Financial Advice Market Review is a recent initiative organised by the government and the FCA to investigate financial advice given to customers across the UK.
In a new monthly series starting from October 2015, we’ll be naming the latest investment firms to be denounced or investigated by the Financial Conduct Authority (FCA). You should avoid dealing with any of the firms named in this list at all costs.
Lloyds Bank has hit the press for all the wrong reasons in recent years. Historically the bank has been accused of being a serial offender when it comes to investment mis-selling; in 2013 it was rocked by a highly publicised FCA investigation that resulted in a record £28million fine, several official apologies and a solemn promise to clean up its act.
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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.
This was a fantastic result I never expected. My sincere thanks for such a prompt and efficient service.
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 £10,000.