Their are various ways in which financial mis-selling could have taken place. Advisors, banks and building societies all have their own agenda, and often act accordingly.
You may not have been adequately informed of the risks of the financial product.
You may not have been told about alternative products that were available to you.
You may not have been told what would happen in the event of poor performance.
If any of the above situations apply to you then there is a good chance that the financial product was mis-sold to you. Chase Monro can help you claim back what is rightfully yours. If you would like to discuss this further and find out if you have a claim then provide us with your name and number and a member of our team will discuss your case.
If you were promised returns on an investment that never materialised or even worse, money has been lost on the original investment, then investment mis-selling may have taken place, particularly if you were told that the investment was secure or virtually risk free. Examples of investments misseling include:
If you asked that your money was invested in a low risk plan but instead it was invested in complicated high risk products.
The bank or adviser stated that the value of your original investment would not decrease.
If they implied that the term low risk meant that you could not lose any of your original investment.
If you were told misleading statements like '100% of your capital back' and were they repeated in brochures or other literature.
If the bank or adviser did not explain all of the associated risks of your investment.
If your money tied up and were you unable to gain access to it despite being told that you would be able to.
If your investment left you without sufficient funds to cover your day to day living.
If the bank gave you misleading advice you may be a victim of misleading investment sales practices
If any of the above situations apply to you then there is a good chance that your investment was mis-sold to you. Chase Monro can help you claim back what is rightfully yours. Click below to start your claim or simply fill in the form at the top of this page and a member of our team will call you to discuss your case.
Pension mis-selling may have occured if you were recommended to transfer away from your previous scheme despite it not being in your best interests to do so.
Maybe you weren't given information about how the new plan would perform or work compared to your previous pension.If your adviser did not compare the projections of the previous pension with your new pension then pension misselling may have taken place. They may have also neglected to explain how transferring out of your occupational scheme could affect any benefits you received from that scheme.
You might also have changed jobs and, despite the chance to join the new occupational scheme and transfer the accumulated funds of your old one, you were encouraged to transfer to a personal pension plan. If your new employer didn't have an occupational scheme you may have been advised to take the fund out of your existing scheme and move it to a personal pension plan.
Interest only mortgages
These types of mortgages should only have been sold if there was a suitable repayment vehicle in place. In the past, people simply relied on their house going up in value year after year but since the credit crunch, many people find themselves with negative equity meaning that they may owe their lender more than the house is worth.
How would you repay your mortgage in this situation?
Self certification (self cert) mortgages
These were primarily designed for self employed people or (at a stretch) for employed people whose income was mainly commission based. Other instances of this being used would be for newly self employed indviduals who could not provide 3 years accounts.
However, many of these schemes were ‘fast track’ mortgages and attracted a higher rate of interest, large early repayment penalties and fairly steep arrangement or broker fees.
Mortgages payable into retirement
If you are still paying your mortgage and you are retired, you may be struggling with the repayments, particularly if your only income is now a state pension or small personal pension.
Was this explained to you and taken into consideration when you were sold the mortgage?
Struggling to make repayments
Every broker and lender has a responsibility to ensure that you can repay your mortgage and your other credit commitments comfortably.
Did they undertake a full evaluation of your circumstances at the time of the sale?
Did you use a mortgage broker, estate agent or IFA?
Not all brokers and IFA’s and in particular, estate agents, choose products from every lender in the market (even if they state that they do) and in a lot of cases they work with a small panel of selected mortgage lenders. It is possible that the mortgage deal sold to you isn’t the best in the market, just the best from ‘their’ panel and you may not have been offered the most competitive deal at the time you took it out.
Sometimes, it may be that the deal you were sold was the best for the broker in terms of commission but not the best for you in terms of rate and fees.
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