FINANCIAL MIS-SELLING

Put simply, financial mis-selling means you weren’t given the right advice, you weren’t advised about the risk involved or you were given unsuitable advice for your situation and you ended up with a product that isn’t right for you.

As a non-financial example, imagine you want to buy a new mobile phone – you tell the assistant that you’re a keen photographer and therefore need a phone with the best camera. They recommend a certain handset but when you get home you find it’s the worst camera you’ve ever used and not fit for purpose.

There’s not a problem with the phone, it’s not damaged or broken but it’s not what you needed or wanted.

It’s the exact same thing when you’re sold a financial product, your advisor must recommend something suitable for your needs, and explain properly what it can and can’t do.

Financial services must be sold to you in a manner that is “fair, clear and not misleading”. (Source: Financial Conduct Authority (FCA))

Key things to remember about financial mis-selling:

• Specific details of the mortgage were incorrect. Maybe the mortgage was sold as a variable rate loan with interest tracked against a particular base rate and this turned out to be untrue.
• You were advised to borrow money without proving your income.
• Your suitability was not properly assessed which resulted in you taking out a mortgage that was not suitable for you.
• You were advised to switch lenders but were not given an adequate explanation about why a switch should be made or told about the fees and penalties.

Think you may have a claim? Contact our team of specialists now on 0151 909 6120

MORTGAGES

No one enters into a mortgage lightly and most of us rely on the expert advice we’re given from lenders and mortgage advisors to help steer us in the right direction and provide the best solution for our own individual needs.

But what happens if we don’t get the right advice? Simply put, we can be left with a mortgage that we’re unable to pay – and that’s where our team of expert lawyers can help you.

A mortgage is likely to be the biggest and most important loan you will ever have which is why the Financial Conduct Authority regulates mortgage advisors and lenders and sets out detailed rules about the advice that should be given when selling a mortgage.

If you feel that your lender, financial advisor and/or mortgage broker failed to provide the proper advice during the selling process then they could be guilty of mis-selling and you could be entitled to make a claim.

For example, if you have had an interest only mortgage with no plan to repay the capital, you may be entitled to a significant amount of compensation from your lender or broker.

Other examples of mortgage mis-selling include:

• Specific details of the mortgage were incorrect. Maybe the mortgage was sold as a variable rate loan with interest tracked against a particular base rate and this turned out to be untrue.
• You were advised to borrow money without proving your income.
• Your suitability was not properly assessed which resulted in you taking out a mortgage that was not suitable for you.
• You were advised to switch lenders but were not given an adequate explanation about why a switch should be made or told about the fees and penalties.

If you think you are eligible and would like to know more, contact us today as there are statutory deadlines for bringing a mis-selling claim.

Call us now on 0151 909 6120 for a free, no obligation, assessment of your claim.

PENSIONS & SELF INVESTED PERSONAL PENSION (SIPP)

You work hard for your money and you expect it to work hard for you in return, especially as you get older and start looking at when you’ll be able to retire and whether you will have enough money to give you a comfortable life

Your pension is one of the biggest and most important investments that you make and you’re essentially putting your future in the hands of your financial advisor.

Poor advice can lead to a shrinking pension pot which is where our team of financial mis-selling specialists can help.

If you think you’ve been mis-sold a pension, then you can speak to one of our experienced solicitors for a free initial assessment by calling us on 0151 909 6120

WHAT IS A SIPP PENSION?

A Self-Invested Personal Pension (SIPP) involves you moving you pension money into a high-risk investment which can increase or decrease in value.

SIPP pensions allow you more flexibility to invest your pension how you choose and are intended for people who are experienced investors who are comfortable managing funds and switching investments regularly.

There are a number of SIPP investments out there and typically involve:

• Overseas land and property
• Green Oil
• Forestry
• Store Pods
• Resort developments
• Carbon credits
• Commercial property (shops, offices, factory premises)
• Unit trusts
• Investment trusts
• Insurance company funds
• Government securities
• Traded endowment policies
• Quoted UK and overseas stocks and shares
• Unlisted shares

If you have invested your pension in a SIPP scheme and have suffered financial losses as a direct consequence, you may have grounds for a mis-sold pension claim if the following criteria apply:

• Investment failed– You were guaranteed a financial return which didn’t materialise.
• Unexplained Risks– You were not informed of the financial risk associated with your investment.
• Unsuitable Scheme– You received advice to move your pension into a higher risk SIPP, when this was not suitable for your needs.
• Pressure Selling– Your financial advisor used aggressive sales techniques to pressure you into investing in a scheme that you did not want.

HOW WE CAN HELP YOU WITH FINANCIAL MIS-SELLING CLAIMS

Our financial mis-selling solicitors have been picked to join our team because they are experts in the field and are able to deal with claims efficiently and with your best interests at heart.

If you believe that you have been mis-sold a mortgage or Self Invested Personal Pension (SIPP) then you may be entitled to compensation.

Even if the financial advisor who sold you the investment of the firms you invested on are no longer trading, we may still be able to help you.

For a FREE consultation call us on 0151 909 6120

or   Start Your Claim