Mis Sold Financial Products
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Mis-Sold Financial Products
What are Mis-Sold Financial Products?
You may have taken out a mortgage, pension, car finance, personal loan, insurance or an investment, and if the risks were not explained to you properly, or there were hidden charges or commission, or the product that was sold was not right for your individual circumstances and was intentionally misrepresented, you may have been mis-sold and could be entitled to claim compensation.
What Constitutes Financial Mis-Selling?
- You were given inadequate or unsuitable advice.
- The risks associated with the financial product were not explained to you.
- Full information was not provided when you took out the product, so you took out a financial product that wasn’t right for you.
- You received high pressure sales or were rushed into making the decision.
- You were not told about any additional fees or charges you incurred following advice.
No win No fee
Our panel solicitors can handle your case on a no win, no fee basis which means there’s nothing to pay upfront and nothing to pay if your case is unsuccessful.
If your case is successful, our panel solicitors take between 25% – 50% + VAT from your awarded compensation. This varies amongst our panel members and will be dependent on the law firm we recommend you to as well as your claim type and individual circumstances. Fees will always be agreed with your solicitor’s firm upfront.
Please note that financial claim fees are capped at a maximum of 30% + VAT, however the fees may be as little as 15% + VAT and will be dependent on the redress awarded for your claim.
Full terms & conditions will be included in your solicitor’s agreement so please read this carefully and speak to them if you are unsure of anything before signing. For more information, please visit our No win No fee page.
We receive marketing fees from our panel solicitors for successful introductions. You are under no obligation to use our panel solicitors.
Common Mis-sold products
Personal Content Purchase (PCP)
If you purchased a vehicle on a PCP or Hire Purchase finance before the 28th of January 2021, you may be eligible to make a claim for compensation. This is down to the finance providers who enabled brokers and car dealers to add on hidden ‘discretionary commission arrangements’ which increased their commission and resulted in customers having to pay more without them knowing. It is estimated that it happened on around 40% of car finance deals during 2007 & 2021 and that customers were overcharged around £1,100.00 on a £10,000 PCP finance deal.
Pensions – Self-Invested Personal Pensions (SIPPs)
If you transferred a safe defined benefit/final salary benefit pension into a SIPP or other pension product based on the advice you received from a firm, representative or independent financial advisor which resulted in you losing money, then you may be eligible to make a claim for compensation. Losing money on a new pension product doesn’t necessarily mean you were mis-sold. There is a good chance you were mis-sold if:
- The risks of transferring into the new scheme were not fully explained to you.
- Your personal circumstances and appetite for risk were not taken into consideration by the advisor.
- You received high pressure sales or poor advice which resulted in you being misled.
- You were not advised of the benefits you would lose with your previous pension provider.
- The scheme you transferred into had excessive fees or commissions.
- The scheme you transferred into was unsuitable, complicated, expensive or a non-mainstream product .
- The scheme you transferred into was unregulated or potentially fraudulent.
Please note: You do not need to use a claims management company to make a claim for compensation. You can use a solicitor or company of your own choice or alternatively you can make a claim yourself for free via the person/entity you wish to claim from or via the relevant ombudsman service. Links to their websites can be found below.
- Financial Services Compensation Scheme – Website Here
- Financial Ombudsman Service – Website Here
- Housing Ombudsman Service – Website Here
- Local Government & Social Care Ombudsman – Website Here
- Parliamentary and Health Service Ombudsman – Website Here
- Official Injury claim (Road Traffic Accident Cases) – Website Here
Mortgages
If you were sold a mortgage through a financial advisor, mortgage broker or lender and the mortgage was not suitable or affordable based on your personal circumstances, or there was little chance of you being able to pay it off by the end the term, or you incurred excessive fees, charges or poor interest rates, then there’s a chance that you were mis-sold and may be entitled to make a claim for compensation. There is a good chance you were mis-sold if:
- They failed to assess your affordability to repay the mortgage.
- They charged you unfair fees or hidden commissions.
- They failed to advise you on the full terms and conditions of the mortgage.
- The mortgage terms run beyond your usual retirement age.
- You purchased an interest only mortgage based on poor or inadequate advice, leaving you with a mortgage that is unsuitable for your personal circumstances
Our Panel
At Legal Assist, we have a panel of law firms which may be able to help you claim for any financial mis-sold products. They are experienced in financial claims and may be able to prove (with your help) that the product you received was mis-sold.
They deal with cases on a No Win No Fee basis which means there’s nothing to pay upfront, or if your case is lost. They take a percentage from your awarded compensation on settlement of your claim which is capped at 30% + VAT. Full terms will be included in the agreement between you and the firm we recommend, and you are under no obligation to sign with or use their services.
If you wish to find out your eligibility, you can contact us and we can hopefully get you through to a panel solicitor that may be able to take on your case on.
Legal Assist does not give financial advice of any kind, we are simply an introductory service and any firm we recommend you to is an independent professional from whom you will receive impartial advice and services from.
