If you think you have been missold an investment bond, then you are not alone. A lot of people are being missold investment bonds, growth bonds, profit bonds, equity backed investments and unit trusts etc., without even them realising it.
Financial advisers have long since made investors believe that certain investments including investment bonds are the best and surest way to grow their money. There are a huge range of investment options and fund choices available and often, investors get confused. In order to make a good financial decision, investors generally seek advice from financial advisors and if they aren’t careful, they may get missold to (e.g. investment bonds) without their knowledge.
Reasons Behind Missold Investment Bonds
As an investor, your priority will be to invest a good amount of money, coming either from savings, inheritance, a property sale, retirement, redundancy or maybe even a lottery win, with the hope to generate extra income. But financial misselling can ruin it all. Misselling is not limited to the initial investment amount; it can occur when you are advised to top-up your investments, for example, or when you are advised to switch funds (or have been sold products with limited offers or incentives).
There could be number of reasons behind misselling investment bonds and this includes:
- You did not clearly understand the workings of the investment or fund product
- You didn’t want to invest in a high risk product (some investments are much riskier than others)
- Your existing bonds were performing below expectations – yet you were advised for additional investment bonds
- You were convinced to believe that a particular amount of income was guaranteed without any reduction in the initial investment amount
- Other available options were not properly explained or explained at all
- You were advised to switch your investment based on misleading or inaccurate information
- You were unaware of the market value reduction potential while making the investment
- You were made to believe that the initial capital was secure and only the returns were not guaranteed (i.e. your investment capital was not at risk)
What You Need To Do
When you realise that you have been missold, due to any of the reasons mentioned above, here’s what you need to do:
1. Write down everything clearly about what you did know and what you did not know or understand about the investment.
2. File your written complaint with the adviser or the bank with clear reference of your grievances.
3. In case you do not get a satisfactory response, take up your complaint with the Head of Customer Services or the Company’s Headquarters, or even their CEO.
4. If your complaint is still not considered or rejected, you can take advice from the Missold Investments Bond recovery service before taking any further steps.
While making your complaints regarding missold investment bonds, make sure you provide clear references to dates and advisers who dealt with you. The contact details of the complaint department are generally available on the company’s website – but in case of any doubt – it is always better to confirm the details by calling the company direct and speaking to an employee.
More than anything else, you need to be patient while dealing with such cases. We at Missold Investments Bond can help process your claims and recover your investments.