With so much publicity over the last 3 years regarding mis sold ppi it is a natural progression that all financial claims have risen but for many they are still not sure what is a financial claim really means so we will set out the type of financial claims you can make and some of the rules behind them.
Financial claims can include
- Having received the wrong advice for your mortgage
- Being advised to transfer you final salary pension
- The advice you received for any type of investments
- Wrong pension advice
- Whole of life insurance that was the wrong advice
- Protection policies that were inappropriate for your needs
This is a list of some of the products you can make a financial claim against if you believe you were missold any of them.
So what can you do if you feel any apply to you and what rules apply to every case?
Firstly the 6 year rule applies so you have to make a complaint within 6 years of receiving the advice or 3 years after you became aware you were or possibly received the wrong advice so this could be ten years after the advice or even longer.
You must put your complaint in writing setting out why you believe the advice was inappropriate for you needs.
What can you expect if your claim for compensation is successful?
You will be put back into the position you would have been had the advice never taken place plus interest so if you invested £10,000 and got £7,000 back you would receive £3,000 and 8% interest from the date of the investment as compensation.
This is a very straight forward example but some cases especially pension claims can be far more complex and the calculations for compensation can take months to work out so please be aware of this especially if it is a pension case.
As we have said financial claims can be complex unlike ppi cases where most people can claim by themselves if the wished but for many the only alternative they will have with other types of claims is either using a claims management company or the services of a solicitor.
By doing this it will come at a cost if they in our case typically 25% but the good news is if they don’t win then you have nothing to pay as they work on a no win no fee basis.
The other way you should think of it is “would you rather have 75% of something or 100% of nothing” it is easy to decide when you think of it this way.
Be sure you select an experienced company to deal with your claim for financial redress as it can often be difficult to find the reason you were misold in your file if they do not have the relevant experience in financial claims of a complex nature.
For more information on specific financial claims relating to pensions visit https://mis-soldpension.com