Were you aware that the average amount of debt per household across the United Kingdom is currently estimated to be £60,449 pounds? To put such a figure into perspective, this equates to an incredible £23.4 billion pounds in regards to the total population. Of course, some of this debt is fully understandable. Mortgages and credit cards are perfect examples. This does not negate the fact that millions of individuals continue to struggle due to a lack of financial liquidity. This is also why it is ironic that some could very well be owed money as a result of mis-sold fiscal products. Let’s take a closer look.
How Does Mis-Selling Take Place?
Do you believe that you have been mis-sold a fiscal product or service in the past? If so, the first step is to appreciate some of the most common symptoms of such a scenario. For instance, those who were mis-sold pension plans will often highlight several scenarios including:
- Feeling extremely pressured by an adviser to make a snap decision.
- Having been promised higher returns than those associated with their current plan.
- Receiving unsolicited and/or constant phone calls.
- The risks were not fully explained.
- The presence of hidden fees and charges.
Many financial sales representatives are motivated by promises of high commissions if they sell a specific product; even if the package in question is of substandard quality. This is why countless individuals from all walks of life are still unaware that they may be owed some type of compensation.
What are Some of the Most Mis-Sold Financial Products?
So, which are the most commonly misrepresented products? In the past, a prime example involved the rather dubious nature of payday loans and small-cap market shares (such as foreign IPOs). However, we have recently seen a rise in different services which are just as questionable. These include:
- Final salary schemes
- Standard pension plans
- SIPPs (self-invested personal pensions)
Not only could you be paying more for these services, but the fact of the matter is that mis-selling will legally entitle you to some form of compensation. Although it is possible to speak with the Financial Ombudsman Service or the Financial Claims Authority (FCA), this can often be a long and drawn-out process. It is, therefore, better to consult with experts such as those found at Get Claims Advice.
Speaking with a Specialist
The team at Get Claims Advice will examine your unique situation in greater detail in order to come to a transparent conclusion. Whether referring to a previously mis-sold pension or another type of product that remains suspect, there is no better time than the present to contact a representative.
It is an unfortunate fact that mis-selling continues to occur throughout the United Kingdom. However, always remember that there are numerous worthwhile options at your disposal that should be explored.