Financial Claims – Overview
As the vast majority of us are aware, the financial claims industry is now a major part of our lives, with PPI never far from the news. Sadly, as more and more financial products are being closely scrutinised by the regulators, it is becoming increasingly obvious that previous advice surrounding the sale of many products was more advantageous for the financial institution than for the customer… possibly you!
In general, most financial advice has been provided with utmost faith, however over the last decade, numerous interventions by the financial services regulator have highlighted fundamental shortcomings in product design and how such products have been distributed to the general public. And with poor advice being all too common, annual management charges continue to be extracted from individual pension and investment funds.
Despite numerous financial bailouts, some major financial institutions have been proven to put the interests of shareholders and key staff before those of their customers. And remarkably, despite being ordered to rectify matters, they have not adhered to their obligations set out by the financial services regulator. As a result, the financial claims industry is not only here to stay, but it is set to expand, and we expect more of the same.
If you suspect you have been subject to mis-advice by a financial institution, this two-point check will help you to determine whether you could be eligible to receive compensation:
1) prove that you have received unsuitable financial advice.
2) can you show you have suffered a financial loss as a result of the unsuitable advice?
Financial products and the advice that surrounds them are usually a complex area. With one chance to prove to the correct compensation body that you have been mis-advised and one chance to appeal if you are unhappy with their decision, you may wish to consider calling on our comprehensive experience and track record, instead of trying to piece together a compelling claim yourself.
We do not make false promises and will set your expectations fairly including timeframes, for example, it can take as long as 24 months to complete a claim if we have to refer it to the Financial Ombudsman Service (FOS).
Claims can sometimes be declined due to ‘time barring’ – if you think you have been mis-sold, please do not hesitate to get in touch, before it is too late.