HSBC Investment Mis-Selling
Have you ever lost money after being advised by HSBC to invest in a product which turned out to be unsuitable for your needs? We have a track record in helping clients like you recover compensation for mis-sold investments from HSBC.
Many high street banks have been accused of investment mis-selling, and our experts have helped our customers recover millions of pounds from mis-sold investment claims. We can handle claims from start to finish, and any fees are payable only after the bank agrees to pay out.
Is there a time limit on HSBC investment claims?
You may have heard that some banks may reject a mis-sold investment claim if the original investment was made over six years ago. Don’t be discouraged: it depends entirely on your individual circumstances, and how HSBC mis-sold the product. Every day we put in successful claims for clients who made their original investment more than a decade ago! So call us to talk through your situation and we can determine whether you have a claim.
More about HSBC investment mis-selling
As one of the world’s largest banks, HSBC has seen its reputation suffer after multiple mis-selling scandals hit the headlines in recent years.
In 2011, the Financial Services Authority issued a then-record retail fine of £10.5 million to HSBC after it found that one of its subsidiaries was mis-selling investments to older customers. Almost 2,500 customers received around £29.3 million in compensation after being mis-sold investment bonds. All were either in care or about to enter care, and had invested in the scheme to pay for it. These types of investments are meant for a minimum of five years, but many found it made more sense to withdraw their cash earlier, given their age, and lost money in the process.
One year later, in 2012, a total of £2.8 billion was paid out by HSBC for various financial misdemeanours. Alongside investment mis-selling, HSBC was also found guilty of money laundering. More recently, more than 200,000 HSBC customers had their investments reviewed for possible mis-selling between 2008 and 2012 after a ‘mystery shopping’ test by the FSA found evidence of widespread poor financial advice. The bank set aside £40 million for investment claims.
Another £300 million was made available to customers who had been mis-sold derivatives. HSBC paid out an average of £139,000 per investor, saying it was committed to “providing fair and reasonable outcomes”.
About HSBC investment claims
If you made an investment with HSBC, there are certain questions their adviser should have asked you first. These should have covered:
- Your knowledge of the investment
- Whether you preferred safer, lower-risk investments
- Ensuring you were aware of any associated fees or charges
- Your rights if you wished to cancel or withdraw the investment before the end of the term
If you were not asked these questions or your answers weren’t given full and proper consideration, you may have been a victim of HSBC investment mis-selling. To find out more about how we can help you with your investment claim, please get in touch.
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compensation from Halifax
compensation from Santander
Why choose us?
- Hassle-free process.
- No lengthy paperwork to complete.
- Your own dedicated claims expert.
- Claims settled within 8 weeks on average.
Speak to our friendly experts
If you feel you've been let down by your bank or financial adviser please call us.
Call today 0808 163 1659
We've helped thousands of people win compensation as a result of unsuitable financial advice.
Please note the amounts shown are before the deduction of our fee which is 40% plus Vat – total 48%.
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
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
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.