MIS-SELLING OF FINANCIAL PRODUCTS TO RETAIL CUSTOMERS
Many people have lost out on their savings during the financial crisis due to inappropriate investments into property or because they were sold inappropriate investment products. It may well be that your bank or another financial institution sold you a product that was not suitable and that you have lost out financially due to this mis-selling.
Mis-selling means that you were given unsuitable advice and sold products that were not suitable for you. In our experience at McCartan Turkington Breen there are numerous cases where the risks of investment were not explained to the customer by the financial advisor and/or financial institution. Investors were not properly classified and were basically sold products that were totally inappropriate for their needs and inappropriate to the risk levels that they were prepared to take. A financial advisor must recommend something suitable for the needs and requirements of the particular customer and must also explain properly to the customer what level of risk the customer is taking. We have found, in our experience, that many products were sold without proper financial advice being given and in particular no advice was given in relation to the volatility or otherwise of the financial product that was being marketed by the financial advisor.
We have brought numerous successful cases against financial institutions in respect of mis-selling of financial products to customers. These cases have been brought through the Financial Ombudsman Service and through the Courts in Northern Ireland.
It is important to recognise that just because an investment performs badly that a case may not always be brought. Some investments are riskier than others and investing money is a form of gambling in many ways. You may however still have a case if you were not advised properly about the risk that you were taking. Recent examples of financial mis-selling have been in the news and in particular the sale to customers of payment protection insurance. Other examples of mis-selling include the mis-selling of mortgages and on occasion inappropriate mortgage types have been sold to people.
One of the biggest scandals that is looming is the mis-selling of pensions and in particular bad advice given to customers in relation to their pensions.
It is important to act quickly as time may be of the essence. On a basic level the six year limitation period is the base line.
If you have any query about the mis-selling of a financial product please contact one our team at McCartan Turkington Breen, Chancery House, 88 Victoria Street, Belfast, BT1 3GN, telephone (028) 90329 801 or email firstname.lastname@example.org.