Miss-Sold Claims

Miss-Sold Claims

It is an unfortunate fact that many consumers have been mis-sold financial products, having been falsely advised by unscrupulous financial organisations that it is necessary or legal. Complete Financial Group provides assistance with the following, and if further support is required we can refer customers to a specialist claims company.

PPI stands for Payment Protection Insurance, and is probably the most well-known mis-sold financial product. The idea behind it was that customers would be able to cover their debt repayments if they were unable to work due to illness or redundancy. It is believed that 2 million people have been sold a PPI that they would never be able to claim on, including if any of the following apply:

  • The customer was not made aware of significant exclusions, such as being unable to claim for a pre-existing medical condition
  • It was not made clear that the insurance was optional
  • If a loan was needed, it was not made clear that the PPI had to be paid for up-front and in a single payment, and that the cost would be added to the loan repayment
  • PPI is only valid for 5 years, so it could expire before the loan repayments, and interest would still be charged for it

Packaged Bank Accounts
It is estimated that as many as 1 in 5 of the 62 million current accounts in the UK could have been mis-sold to customers. Bank employees falsely advised customers in order to encourage them to open accounts with monthly fees when a free account was available. Other unwanted products or wrong information includes:

  • An inappropriate insurance product or one that the customer was unable to claim on due to age
  • An unwanted upgrade to an existing account
  • Difficulty in closing the account
  • Being advised that the account is needed for a successful loan/mortgage/overdraft application
  • Discounts were offered on insurance products
  • The product was not fully explained or the adviser would not take no for an answer

Miss-sold investments
Consumers have also found that they have been mis-sold an investment opportunity that did not suit their requirements, or that:

  • Full access to the money was restricted
  • The money was invested in a high-risk area without the customer's consent