Has an investment not achieved what the person who sold it to you promised?
Have you lost money, perhaps many thousands of pounds, because of it?
Do you feel that the investment sold to you took on more risk than you were willing to take?
If your building society, your bank or your independent financial adviser mis-sold you an investment scheme, you could be entitled to make a claim and get your money back.
The team here will have the answer. Call us today for a free initial chat to see if you have a claim and could potentially be entitled to receive significant compensation.
How are Investments Mis-sold?
The financial services industry is responsible for a number of types of investment mis-selling.
Some people are told they can invest all or some of their savings into one scheme, which subsequently proves to be defective.
For some, a mis-selling occurs because the seller fails to properly consider their circumstances and objectives. And not every product will realise sufficient income all of the time, despite what advisers say: if growth isn’t good, your capital funds can be eaten away.
Can I put in a Claim for any bad Investment From my Bank?
Yes, if it doesn’t do what the adviser promised it would, particularly if it threatens your main capital.
Banks and building societies offer variations on the following (although bear in mind they might be called different things by different banks):
- Capital Protected Bonds
- Investment Bonds
- Open Ended Investment Company (OEIC)
- Personal Equity Plans (PEPs)
- Stocks and Shares (ISAs)
- Unit Trusts
- With-profit Bonds
Why you Shouldn’t Rely on your Bank for Advice
It’s worth remembering that High Street banks are there, first and foremost, to make profits for their shareholders. For this reason and others, it’s important not to rely too heavily on their advice when they tell you about a sure-fire investment opportunity.
Watch out for the Hard and Soft Sell
If you have a lot of money in a deposit account, you could be particularly prone to the hard-sell – or even a gentler, subtler nudge – from your bank.
They’ll try to convince you that a good return on your funds is more likely if you talk to one of their own financial advisers and invest in a product which offers more capital growth than standard banks, however with this potential for capital growth comes more risk than you may be willing to take. This means the investment may also depreciate in value and you may be at risk of getting back less than you invested.
Beware, the advisers are probably making sizeable commissions on every investment scheme they sell. With your real interests the last thing on their minds, they’re likely to sell you the product that generates return for themselves, rather than you.
Millions in Compensation
The evidence is out there almost every week – Barclays, Lloyds, HSBC, Coutts, Credit Suisse and other reputable institutions have all fallen foul of the regulator in recent years.
They’ve persistently given bad advice and exposed their customers to unacceptable risk.
They’ve been heavily fined and obliged to compensate customers to the tune of millions of pounds yet people are still being mis-sold. Are you among them?
Do you Think you can Claim? Call Simpson Millar LLP now
Simpson Millar LLP has a thorough knowledge of the financial services industry and how it is regulated by law.