FINANCIAL MIS-SELLING

FINANCIAL MIS-SELLING

Financial mis-selling is the selling of a financial product which was not entirely suitable, or one that was sold to you without full and proper advice.

We recognise that financial matters can be complex and bringing claims against financial services companies such as the banks, by an individual, can be a very intimidating. Happily, for those individuals concerned, we have the experience and expertise to assist..

The banks, building societies and other credit lenders, as well financial advisers and brokers all work under the strict regulations which are governed by the Financial Conduct Authority, despite these regulations we are finding that many consumers are still suffering as a result of the mis-selling of financial products

We probably all know someone who was mis-sold an endowment which fell short of its over-generous maturity predictions leaving the customer many thousands of pounds short to repay their mortgage.

More recently of course the most notable scandal has been that of the mis-selling PPI insurance, a scandal which has already cost the banks billions of pounds in refunds, with an estimated half of those who were mis-sold still yet to claim.

Satchell Moran carry out our financial mis-selling work on a no-win fee basis

Please contact a member of our Financial Mis-selling Department headed by Paula Satchell and Terry Moran on 0151 268 8282, or email us on info@satchellmoransolicitors.com, or use the contact form below to begin your journey to justice.

MORTGAGE MIS-SELLING

Put simply, mortgage mis-selling is when a broker or adviser, either employed by a lender, such as a building society or bank or not, recommended a mortgage product that was not suitable for their customers own personal circumstances. Not having a mortgage that suits your requirements can put someone in financial difficulty or even see them faced with losing their property altogether.

In November 2004 new regulations where introduced into the mortgage market and made stricter in 2009. Before this time brokers and advisers had only adhered to a code of conduct on a voluntary basis! This gave rise to many unscrupulous practices, the main being, brokers and advisers recommending mortgages that were not truly suitable for the individual concerned, thereby mis-selling the product.

In short, if you were sold a mortgage by either a broker or adviser between late 2004 and late 2009, there is a real probability that you have been a victim of mis-selling, If it can be established that the mortgage was mis-sold then you may have a claim for losses from the start of the mortgage to date, and through to the full term of the mortgage

If this applies to you then contact a member of our Financial Mis-selling Department headed by Paula Satchell and Terry Moran on 0151 268 8282, or email us on info@satchellmoransolicitors.com, or use the contact form below to begin your journey to justice.

An interest-only mortgage may have been sold to you as an attractive option as your monthly payments would be significantly lower than other types of mortgages. However, they leave you responsible for making a large final repayment, as you only make interest payments for the duration of the mortgage, rather than any capital repayments. Your advisor should have made you aware of this and set out a plan with you as to how you would repay your mortgage after your loan ends.

House prices have fallen in many parts of the country since the financial crisis hit. This means you could have less equity in your home if you needed to sell at the end of your mortgage term, and you may find it difficult to get a replacement deal.

If you were advised to self-certify your income (this means you didn’t have to prove your income by providing wage slips, accountants details etc), this will likely mean that your interest rate is higher as a result. Many people were never made aware of this penalty or even given any other option.

If this applies to you then contact a member of our Financial Mis-selling Department headed by Paula Satchell and Terry Moran on 0151 268 8282, or email us on info@satchellmoransolicitors.com, or use the contact form below to begin your journey to justice.

PENSION MIS-SELLING & TRANSFERRING TO SIPPs

When obtaining financial advice concerning your pension, you should always be aware of possible pension mis-selling.

If you were advised to take out a pension but were not fully informed of the risks, together with alternative products on offer or warned what would happen if the performance of the pension was poor, the chances are you have been mis-sold.

Pension advisers are often independent financial advisers or brokers who work on behalf of financial institutions. Pension providers have a strict code of practice to follow.

Unfortunately, it has been found that, some pension advisers have misled customers to move their pensions into self-invested personal pension (SIPPs) which have been found to carry a greater risk.

You may have been mis-sold if, you were not asked about your personal circumstances, the adviser didn’t give you enough information to make an informed decision, you were advised to take out a personal pension when a corporate or company pension scheme would have ended up with a better deal, you were pressured into signing an agreement without a cooling off period or the opportunity to shop around for the best deal offered to you.

Customers, who feel they have suffered a financial loss or other loss as a result of negligent advice from a pensions adviser should first make a complaint through the company complaints procedure, if they have one!

If their complaint is upheld, the outcome may not be finically palatable to the customer.

Customers considering suing a pensions advisor for professional negligence have six years from the date of the event constituting negligence, or three years from the date they first realised negligence had occurred, in which to make a claim.

Because of the complexity of suing a pension advisor and proving that they failed in their duty of care towards a customer or acted negligently in carrying out their duties, some customers feel unable to challenge such operators.

Satchell Moran can assist in this regard, and we will be more than willing to assist you in reclaiming any financial losses we can establish, plus interest if appropriate.

If this applies to you then contact a member of our Financial Mis-selling Department headed by Paula Satchell and Terry Moran on 0151 268 8282, or email us on info@satchellmoransolicitors.com, or use the contact form below to begin your journey to justice.

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I will start by, firstly, recommending Satchell Moran to anybody for any legal representation before they go to anyone else.

If they cannot help you, they will refer you to people who can.

All those at Satchell Moran are very knowledgeable, easy going, and most of all, honest about their work. I can assure you that they will endevour to get the best possible outcome for you in relation to any legal issue you have.

Keep up the good work. Many thanks.

- Alan Wardle

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Satchell Moran Solicitors Limited, 658 Prescot Road, Old Swan, Liverpool, L13 5XE
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