It is now an old story when a client or consumer who thinks that they have been missold a financial product from a responsible organization or bank had no other option than to simply put on with it. But recent introduction of efficient FSA (financial Services Authority) and other regulatory bodies, it is now possible for victims of missold investment products to complain or even reclaim their financial loss.
Even if you are a cautious investor, you may have been missold certain high risk investment products without your realization. You now can complain about it to receive compensation.
Generally, the complaints about missold investment involves charges like:
- Insufficient information
- Misleading advices
- Ignoring the financial goals of the investor
- Not telling that the investment value could decrease
- Telling that capital is 100% secure and will be returned
The nature of the complaint may be different but the level of aggravation caused to the victim is fairly the same. So, if you have missold investment bonds or products and you have decided to complain about it, here is what you will need to do.
How To Make A Complaint : Just Follow The Simple Claims Process
1. The first step is to complain the matter to the bank or any other financial organization that missold you the financial plan. Send in your complaint in writing to the concerned authority with a copy of all the relevant documents.
2. If not in writing, try to speak with the concerned person personally and explain about your case. In either case, do not forget to keep a record of the complaint date and time along with the name of the person you filed your complaint with. One of the easiest ways to do this is by maintaining a copy of each application/document that you submit.
3. After you have made a complaint, allow sufficient time (normally 2weeks) to the organization to respond back to your complaint.
4. After a reasonable amount of time and frequent reminders, if the organization fails to respond to your complaint with due action, you can take your complaint further to the Financial Ombudsman Services. The FOS handles all the major issues and complaints in the banking, investment, insurance, mortgage, pensions and building society sectors.
5. The FOS will assess your complaint to be valid and if it is right with all the supportive documents, it will demand an explanation from the bank. If FOS finds your complaint to be right, it will instruct bank or involved organization to provide suitable solution which may be giving financial compensations or simple apology.
6. The decision of FOS is usually the final call. In case you disagree to the decision taken by FOS, you can complain the matter to Ombudsman’s independent assessors.
How Much Will It Cost
Financial Ombudsman services is an independent body that investigates issues pertaining to misselling and claims of investment plans after gathering information from both the involved parties. The Financial Ombudsman Services are free of any charges to the consumers and filing complaints through them is a very straightforward process. Further details about FOS and its procedures can be obtained from its website.