What to do if you were affected by MI Group financial mis-selling?15 Jul 2021, Posted by Latest News in
Financial mis-selling is unfortunately becoming an increasingly serious problem in the UK. If you feel like you were affected by MI Group financial mis-selling then you’re not alone. There are many people who have suffered financial loss or were sold products in a way that didn’t meet established standards on fairness. If you were affected by MI Group financial mis-selling then making a claim for compensation could help to ease any financial loss and ensure that you are fairly treated.
What is financial mis-selling?
Financial products must be sold in a way that is “fair, clear and not misleading,” according to the Financial Conduct Authority (FCA). If you were advised to buy something that was not suitable for your needs and you weren’t given enough information about your options then financial mis-selling may well have taken place. These are some of the most common signs of financial mis-selling:
- The features of the product were not properly explained to you
- You were given little, or no, information about the risks that the product carries
- A product was recommended for you that simply wasn’t right for your individual circumstances
- The regulated financial advisor who advised you to buy the product made no attempt to find out what your circumstances were to match this up with the right product
You don’t have to lose money to be affected by financial mis-selling
If an investment you made simply performed badly then this would not create a claim for financial mis-selling. What’s key is that you were sold a product that wasn’t right for you and/or you weren’t fully informed about the features and risks of the product. So, even if you have not lost out financially as a result of putting your money into an inappropriate investment you may still be able to make a mis-selling claim. Mis-selling claims extend to investments, as well as pensions and mortgages. Anywhere that a product has been sold that isn’t suitable for the person it was sold to could create a claim for financial mis-selling.
What to do if you were affected by MI Group financial mis-selling
If you want to make a complaint to the Financial Ombudsman Service then you will need to ensure that you do this within the time limit – six years from the date that the product was sold to you or three years from the point at which you realised something was wrong with it. You can make a claim for compensation if you were affected by MI Group financial mis-selling, whether or not you have lost money as a result of this. If you’re going to make a compensation claim then it’s important to gather together as much information as possible about your claim, including any paperwork that you have and key dates and facts.
Financial mis-selling can be a stressful process for those who have fallen victim to it, whether or not there is financial loss. If you were affected by MI Group financial mis-selling then you may be able to make a claim for compensation.
If you were sold an investment by MI Group this could have been mis-sold. Where that’s happened you could be due significant compensation as a result.