Mis-Sold Investment Claims
A mis-sold investment occurs in many ways, whether you were contacted directly by a licensed investment company or were working with an Independent Financial Advisor (IFA), they have a duty to protect your money from investments that are not suitable for your financial situation.
Mis-sold investments are often the result of financial advisors or brokers being negligent or greedy. Some of these high-risk investments offer a larger commission to the broker or IFA and often causes them to overlook their duty to you.
Although losing money in a high risk investment is not eligible for compensation in itself, you could be owed money back if any of the following apply;
- The firm failed to properly assess your financial circumstances.
- Risks were not adequately explained.
- Shares were unsuitable for you.
- You did not want to participate in a high risk investment with your money.
- You are not a high net-worth investor (£100k to £250k of assets available for investment).
- The firm was trading as a principal but failed to disclose this.
- Broker gave you false or misleading information.
Your financial advisor or broker would be negligent if they advised you to invest your pension or money into any of the following high risk investments:
- CFDs (Contracts For Difference).
- High risk shares and funds.
- FOREX (Foreign Exchange).
- Carbon Credits.
- Plots of land / Land Bank (with no planning permission).
- Greenbelt or Brown-field land.
- Overseas investments.
- Storage pods.
- Unregulated High-Income corporate bonds.
In order to be able to claim compensation for any of the above types of investments. The company or financial advisor you worked with must have been licensed at the time and they must have provided you with advice that you then acted upon and as a result lost money.
If you have invested in any of these types of investments or others that were more risk than you were prepared for, you could be entitled to compensation. Please fill out our registration form so that a claims expert can review your case with you.
Mis-Sold Investments Time-Line
The mis-selling of investments goes back many years and covers thousands of victims across a wide variety of financial products. It is estimated that there is as much as £10 billion of mis-sold pensions and these victims are owed compensation.
If you believe you have been effected by financial mis-selling please fill out our contact form and a claims specialist will contact you to evaluate your case.
- December 2009 - The Royal Bank of Scotland and Natwest received 1,600 complaints every single working day from July to December 2009. (Source: The Daily Mail)
- January 2010 - Pension provider Standard Life Assurance Ltd are fined £2.45million by the Financial Services Authority (FSA) for misleading thousands of customers with inappropriate investment advice. (Source: BBC News)
- July 2010 - The Financial Services Compensation Scheme (FSCS) pays out over £204 in compensation to over 21,000 claimants. (Source: Belfast Telegraph)
- January 2011 - Barclays are fined £7.7 million and ordered to pay £60 million in compensation to thousands of elderly customers who have been mis-sold investment products. (Source: This is Money)
- December 2011 - The FSA fines HSBC £10.5 million for mis-selling investment products to elderly customers in care. The bank expects to pay out £29.3 million in compensation. (Source: The Guardian)
- February 2012 - Santander are fined £1.5 million by the FSA for misleading customers about the safety of an investment product. Barclays reports a 77% rise in the number of mis-selling complaints made to the FSA since it was fined £7.7 million in Jan 2011. (Source: Citywire)
- February 2013 - UBS AG fined £9,450,000 for unsuitable advice to its customers in relation to the selling of an AIG Bond (Source: FCA)
- September 2013 - AXA Wealth Service Ltd are fined £1,802,200 for failing to ensure it gave suitable investment advice to its customers. (Source: FCA)
- 2014 - The Financial Ombudsman reports 19,834 new complaints relating to mis-sold investments in 2013, an increase of over 4,000 from 2011. Average complaint value £20000+. (Source: Financial Ombudsman)
- March 2014 - Santander PLC fined £12,377,800 for failing to ensure it gave suitable advice to its customers. (Source: FCA)
- September 2015 - The FCA reports that the overall number of complaints has fallen – but if you exclude PPI, the previous year saw a dramatic increase in complaints related to investment products. The worst offending banks so far were reported to be Barclays (283,221 complaints), Lloyds (232,971), Bank of Scotland (190,121) and Natwest (144,741). (Source: FCA)
- October 2016 - Aviva Pension Trustees UK Ltd and Aviva Wrap UK Limited are fined £8,246,800 for rule breaches related to protecting client money. (Source: FCA)
- December 2018 - Santander UK PLC is fined £32,817,800 for failing to transfer funds totaling over £183m to beneficiaries when it should have done so. (Source: FCA)
- September 2019 - The Prudential Assurance Company Ltd is fined £23,875,000 for failures related to non-advised sales of annuities to Prudential pension holders. (Source: FCA)
- January 2020 - Fears are starting to grow concerning the UK's £80bn pension transfer market. The FCA warned that "too much" advice is still not of an acceptable standard. (Source: Financial Times)
- June 2020 - Financial Times reports that nearly 25% of pension transfer advisers left the market following a widescale mis-selling probe. (Source: Financial Times)
- July 2020 - Daily Express reports that data from the Financial Ombudsman Service has highlighted that women could be missing out on compensation pay-outs worth thousands. (Source: Express)