Do you know that if you have been missold a wrong investment plan or product by your financial adviser or even the bank, you can file a case to get compensation and recover your claims? You can file your complaint with Ombudsman services for investigation of the case.
First of all, don’t feel that you are the only one who have been missold rather the percentage of people becoming victim of misselling is ever increasing. You can end with missold investment bonds as well. There are thousands of people who invest their hard earned money on non suitable investment schemes suggested by their banks or financial advisers. Not surprisingly, in majority of such cases, investors’ lose their money resulting from ill financial advices and bad decisions.
Many people do not even realize that it is not necessary for them to put up with such losses; help is easily accessible. As an investor you have made an investment on advice from a bank or financial adviser and if you are disappointed by the returns, chances are that you have been missold financial product and you can make a claim.
Unfortunately, the ruthless sales-driven culture in banking and financial sectors is responsible for such misselling and it is still very much prevalent. They may not put customers’ interests first rather their quick gain intentions. Fortunately, there are financial service providers who would help you reclaim your lost money in missold investment bonds.
Taking care of where your money goes is critical especially if you are not a wealthy individual and you have made some savings by building your balance or have inherited some money or have taken a lump sum pay out for your work pension.
Get Professional Help
If you think that your investment plan was missold to you by your bank or you think you were given poor financial advice by your adviser, you can get professional help to understand if your circumstances qualify to be a case of missold investment. The professionals can look into following considerations:
Inexperience: A lot of investors are inexperienced about terms and units used for explaining financial products. People who might have never heard a term beyond lump sum are suddenly showered with terms like stocks, bonds, shares, unit trusts etc. Advisers usually do not give enough time to investors for considering their options.
Risk: Were you properly explained about all the risks involved with particular financial product? Did you completely know what are you signing up for?
Age & Health Factor:
It is important to see if you were in good health or not when you were sold the product. Was the financial product discussed with you during old age or bad health conditions?
Did your investment adviser have a high percentage of your money invested in an inappropriate product leaving you with no or very less money for emergency?
Did your adviser sufficiently considered and discussed about repayment of your debts, mortgages or loans (if any) prior to get your money invested?
Based on above considerations, if the professionals find your situations to qualify for missold investment compensation, they will assist you further to claim back your money through proper channels.