Financial Mis-selling Claims
Financial mis-selling is the term which is used to described the sale of an investment or other financial product to a customer on the basis of false information or misleading advice.
While financial mis-selling can apply to all categories of financial products, including life insurance policies, mortgage protection policies, car and other consumer loans, credit card terms and conditions, mortgages loans, unfair bank charges, and so on, one of the most common scenarios is where elderly people with significant funds have been hoodwinked into investing in totally inappropriate high-risk products. Not surprisingly, the salespeople who offloaded these unsuitable products were rewarded handsomely by being paid large commissions.
It is becoming increasingly obvious that the practice was widespread amongst several Irish banks and insurance companies during the Celtic Tiger era, with the chickens coming home to roost now that many of these improperly sold investments are worth mere fractions of the amount that was originally invested.
Thankfully, where financial mis-selling has been perpetrated on an individual, no matter what age they are, considerable protections and remedies can be relied upon under contract law, the law of negligence, and consumer protection legislation.
However, our experience has been that when individuals complain directly to financial institutions that they have been sold an inappropriate financial product on the basis of false information or misleading advice they are brushed off and told that they knew what they were getting into and that they should have read the small print.
Understandably, a lot of people are embarrassed to be in this situation and they find the idea of taking on a big bank or insurance company to be a daunting David-and-Goliath struggle. Financial institutions realize this and they act accordingly when they get a direct complaint from a customer.
Despite the unwillingness of financial institutions to own up to their malpractice in this area, we have had considerable success in securing significant compensation for clients who have suffered losses as a consequence of financial mis-selling.
If a person has been wrongly sold a financial policy or product there are a number of avenues which can be pursued. In some cases issuing proceedings in court is the right course of action; in others a complaint to the Financial Services Ombudsman makes more sense. Each case has to be carefully considered on its own facts before deciding on the most appropriate way to achieve a satisfactory outcome.
If you have been sold a financial product which you feel was not appropriate for your needs, or you know some who has, we can advise as to whether or not the financial institution which sold the product has a case to answer and we can represent you in securing any compensation to which you may be entitled.
If you have any query in relation to this area and would like us to contact you in the strictest confidence, please select either the make an enquiry or request a callback buttons above or alternatively please contact: John McCarthy directly on 023 883 3348 or at john@mccarthy.ie
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