Financial Mis-sellig happens if you sold a financial product that was not suitable for you or your needs since you believe that you have been mis-sold a financial product like a pension or financial aid. Financial Mis-selling happens in different ways possible.
For example, you may not have been provided with the appropriate or the suitable advice about a financial product or a financial investment where the risks of a particular investment were not explained to you clearly and fully
There are also instances that you were not treated fairly as a pensioner or an investor which results with an investment that was not totally suitable for your benefits, and you end up on the unfavorable side.
What are the most common financial products that can be mis-sold? Well, there are different financial products which can be mis-sold and these are mis sold pension, your mortgages, and your annuities. If you believe that you have mis-sold your financial product from either of the three, there is a proper way to seek help.
Usually, investors that have been mis-sold a financial product should ask to have the entire matter to follow the right process. If the business is still working then the initial complaint should be escalated up with the business directly, if you get no response to the complaint is received, or the response does not follow the right process or unsatisfactory on your side, then under these circumstances, the complaint should be forwarded to the Financial Ombudsman Services or the FOS where you can forward a formal letter of complaint to them.
If the business is no longer trading and you wish to come up with a complaint against it, or it is not able to provide you compensation for the mis-sold financial product, then you can still get compensation from the Financial Services Compensation Scheme or the FSCS which this agency provides you a compensation fund that can provide the appropriate amount of compensation to customers who have the authorization to benefit financial services firms who are unable or was not able to pay the claims.
However, swift action must be taken for the complainant to get back the mis-sold financial product considering that there is a strict time limit that is applied for forwarding the complaints, so if you truly believe that you mistakenly mis-sold a financial product, then you have to act as soon as possible to get the much-deserved compensation.
You can hire a private company that will provide you their own specialists that will represent you legally in the court where there is no fee basis and all of the initial work will be carried out as free of charge.
Depending on the mis-sold financial product, the amount of compensation will get will depend on it.
A mis-sold financial product is a huge financial pitfall that must be acted on quickly, so be aware. If you want to file a formal complaint to the Financial Ombudsman Service, there is only a limit of six years from when you mis-sold your financial product or three years from when you have noticed it that there is something wrong depending on these two.