We assist clients who have been sold a financial product that later proves to be unsuitable. Financial products that have historically been mis-sold include insurance policies and investments. The claims will typically involve claims for financial compensation and complaints can be made to the Financial Ombudsman or the Financial Services Compensation Scheme (if the company being complained of has ‘defaulted’).
Often the first time a client realises that they were mis-sold an insurance policy is when they attempt to bring a claim under a policy. Clients may have been sold an insurance policy over the telephone many years ago and when this has happened it is often useful to request the record of the telephone recordings. We then undertake a review of what was said on the telephone to find out if the client was given sufficient information to make an informed decision about whether to take out the insurance policy. There is a formal process involved in making a claim and the first port of call would be to raise a complaint with the insurance company who would then usually conduct an internal investigation as to whether there had been a failure in their procedure. If a complaint is not upheld a complaint can be made to the Financial Ombudsman Service who will investigate and make a ‘Final Decision’. We can assist you at all stages of the process. There are forms to fill out and the investigation into whether there has been mis-selling can be daunting.
If a firm has gone into default and you have been mis-sold an investment product by a company that has subsequently ‘gone under’ you can still potentially make a claim to the Financial Services Compensation Scheme.
Individual investors who sought professional advice from IFAs (Individual Financial Advisers) or accountants on retirement planning may have been mis-sold investments that were linked to the UK Film Industry. In many cases the IFAs and accountants have defaulted leaving individual investors lumbered with eye-watering bills from HMRC. In some of the worst cases individual investors face tax bills that outweigh their original investments. Individual investors place their trust and confidence in their advisors and some investors were sold completely unsuitable investment products.
We advise our clients as to how pursue claims for compensation against such companies/Individual Financial Advisers.
Notable investment schemes that were recommended to individual investors include Eclipse 35, Ingenious.
Summerfield Browne Solicitors have offices across England. Their administrative office is at the Harborough Innovation Centre, Airfield Business Park, Leicester Road, Market Harborough, LE16 7WB.
