If you believe you might be owed for financial mis-selling, what could you actually get back? We take a look at the returns on complaints for mis-sold financial products.
What is financial mis-selling?
Mis-selling occurs when:
- You were offered unsuitable financial advice
- The risks of an investment were not fully explained to you
- You received incorrect information and ended up with a product unsuitable for you
If you have experienced any of these, you may be able to issue a complaint against your financial provider and be eligible for compensation.
If you didn’t lose money as a result of the mis-selling, this doesn’t matter as it may still not have been the correct product for you – you could still be owed for financial mis-selling.
What are you owed for financial mis-selling?
When a provider is found to be at fault for financial mis-selling, they are usually ordered to pay two sums: redress and compensation.
Redress is the return on the original amount spent – your initial investment. This is a set amount as you can prove exactly how much was invested.
However, the compensation is an additional amount. With payment protection insurance (PPI), the average compensation amount is eight percent for each year of the loan period, plus redress. The Plevin rule has given those with a rejected PPI claim fresh grounds for complaint, with customers due an extra £18bn in compensation.
With a self-invested personal pension (SIPP), there is no industry average. This is due to the huge variety of SIPP products and the unique circumstances surrounding mis-selling.
For example, the failed Ethical Forestry scheme saw over 3,000 investors pay a minimum of £18,000 each into the scheme. These investors could be owed at least £54m in total.
How can I claim what I’m owed for financial mis-selling?
We work on a no win, no fee basis, giving you access to our resources and advice for free. You won’t have to pay until we have successfully claimed your money back.
We can offer alternative options to ensure you get back a sum that is comparable to the monies you’ve lost.
Get in touch with our legal experts today for advice and guidance on what you could be owed.