Compensation if you’ve lost money through miss-selling
If your adviser has gone bust and you’ve lost money
because of their negligence, you might be able to get something back through
the Financial Services Compensation Scheme. Check your rights for miss-sold
mortgages, pensions, insurance and other investments and find out when and how
to make a claim.
Hide how the Financial Services Compensation Scheme
Works
The
Financial Services Compensation Scheme can pay compensation up to certain
limits if you lose money when a bank, building society, insurance company or
financial adviser goes bust.
It
also looks at cases where you have been sold the wrong kind of product and lost
money, and the person or company that gave you the advice has gone out of
business.
Here
we explain what to do if you have lost out because of:
- Miss-selling
of mortgages
- Miss-selling
of insurance
- Poor
investment advice or investment mismanagement
What the scheme
won’t cover you for
You
are not covered by the Financial Services Compensation Scheme if:
- The
company responsible is still in business – you must complain to them first
and then take your case to the Financial Ombudsman Service if you are not
satisfied.
- The
company was not authorized by the Prudential Regulation Authority or the
Financial Conduct Authority – see the next subsection for how to check
this.
- The
company was based overseas – although some European financial services
companies are covered.
- The
investment simply didn’t perform well, unless it was miss-sold or you were
given misleading advice about how it would perform.
Check that your
adviser is FCA authorized
For
you to be covered by the scheme for miss-selling your adviser must have been authorized
by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority
(PRA). You can easily check this on the online register – you just need to know
the name of the firm or adviser.
Show
General insurance miss-selling and the scheme
Show
Mortgage miss-selling and the scheme
Show
Poor investment advice or investment management
Show
How to make a claim
Show
More about the Financial Services Compensation Scheme
No comments:
Post a Comment