Financial Misselling

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At Michael Rose & Baylis, we understand that being the victim of financial misselling can be stressful experience for anyone. With a highly-skilled team of solicitors who specialise in cases of financial misselling, we work hard to ensure that our clients get the results they deserve in a timely and efficient manner.

The Financial Services and Markets Act 2000 (FSMA) makes provisions about the regulation of financial services and markets in the United Kingdom, to ensure consumer protection and the preservation of prudent industry standards. The Financial Conduct Authority also stipulates that all financial products should be sold in a way that is fair, clear and not misleading.

What is Financial Misselling?

There are a wide variety of financial products that can be mis-sold. Our specialist team can help if you have had a mis-sold mortgage or investment, or transferred your pension into a Self Invested Personal Pension (SIPP).

As a professional in their field, any financial organisation, broker, bank or financial adviser has a responsibility to ensure that the information you receive is correct and appropriate for your own individual needs and circumstances.

How do I know if I have been mis-sold a financial product?

There are several reasons why you may have been mis-sold a product, but some of the most common are listed below:

  • You were not advised accurately about the risks involved
  • You were not provided with enough information to make an informed decision, with the risks being glossed over, downplayed or entirely ignored
  • You were not provided the full details of the product you were purchasing, which resulted in you purchasing a product that was not suitable
  • You were not a sophisticated investor
  • You were not of high net worth

What is a mis-sold mortgage?

An interest-only mortgage means that only the interest has to be paid off each month. If you entered into an interest-only mortgage after 31st October 2004, you may be entitled to claim. A mortgage can be mis-sold if:

  • You were not advised about how you could repay the remaining capital balance at the end of the term
  • A fact-finding exercise, including an assessment of your earnings, did not occur
  • Other mortgage products were not discussed with you
  • The adviser failed to establish your attitude to risk
  • Payment at the end of the mortgage term was not discussed

What is a mis-sold SIPP?

A SIPP (Self Invested Personal Pension) involves an individual with no previous investment experience transferring their pension into a high risk investment. Below is a list of common mis-sold SIPP providers/investments:

  • Ethical Forestry
  • Global Plantations
  • Avacade
  • Liberty SIPP
  • Berkeley Burke
  • Blackstar Wealth
  • Storage PODS
  • Dubai Car Parks

SIPPs are intended for sophisticated investors who are of high net worth. A SIPP carries a number of risks, meaning that your pension can decrease in value. This can result in you obtaining less money than when you invested or that the investment can fail completely. If your investment has failed and you have suffered a loss, you may be entitled to claim.

Are they any time limits on making a claim?

For cases of financial misselling, there are 2 limitation dates.

The primary limitation date is 6 years from the date of the advice or transaction. But if you are outside of this time period, it may be possible to extend it by 3 years from the date that you were made aware of the problem with your mortgage or SIPP advice.

What costs are involved in my claim?

Your claim will be handled on a No Win, No Fee basis. If your claim is successful, our fees will be no more than 30% of the overall compensation awarded.

What process is involved?

After making an initial inquiry with Michael Rose & Baylis, you will have a free, friendly conversation with one of our experts, with no obligation to continue with your claim.

If you do choose to pursue your claim with us, we will ask you for all necessary documentation pertaining to your mis-sold SIPP or mortgage. You will then review and sign paperwork and let us take care of the rest. If your case is then successful, you will be awarded compensation.

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