Financial misselling: How should you react?

Financial misselling How should you react


There are many changes of misselling. You are not informed about the risks; you do not know where your money is invested. You are given a policy or investment scheme that is not suitable for your income or age. Sometimes you are not informed about the commission and so many other reasons may follow. If you know there is a pension mis selling, you need to react immediately and apply for claims.

Understand the process

If you are aware of the mis-sold scheme early, you can get the claim at the earliest. Unfortunately, there is a limited number of situations where the mis-sold financial schemes are brought into attention before three years of the policy issued date. Before you lodge a legal complaint, you can get in touch with the policy service provider to take immediate steps. If the service provider doesn’t take any action, it needs legal attention.

You need to have more information

How do you know the policy is mis-sold? Do you have any documents to prove the same? You need to gather some proof to explain the problem. You need to be clear and ensure the facts are perfect. You cannot process legal proceedings until you have some written documents and proofs.

Talk to your service provider

Once you gather the documents, you must approach the service provider and talk about the pension mis selling and find out what they have to say. You can easily find the service provider contact information on the website. Once you send an email or contact them via the website, you must wait for eight weeks. If they don’t get back to you within the period, you can immediately seek legal help. If you receive a response and you don’t find it trustworthy or unhappy with the response, you can contact the legal helpdesk.

Legal assistance from a relevant source

You can get a better response from the legal team or the ombudsman. They will take eight weeks to respond to the query and ensure the matter is sorted out from all different angles. They talk to relevant people, find out more information and provide proper resolution. They may ask you to submit proofs and documents. If the complaint is regarding a policy that was sold before three years, you need to wait for a longer duration for the response. On the whole, they will be able to handle the financial mis selling cases and provide the claim.

There are some limitations and restrictions. You can also approach good agencies that will help you deal with the issues. Find out more about the policy and ensure it serves the purpose. If you don’t find it useful, you can approach experts to talk about it.

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