Financial Fraud | Setfords

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Realising that you have been a victim of financial fraud or mis-selling can be hugely stressful and overwhelming. These situations can often involve large sums of money and leave you wondering where to turn.

At Setfords, our financial fraud lawyers specialise in financial services litigation to help you get the outcome you need. So, if you have been a victim of financial fraud or mis-selling and need a lawyer to guide you through the process, we are here for you.

Financial Litigation FAQ’s

According to the Financial Conduct Authority (FCA), all financial products must be sold to you in a ‘fair, clear and not misleading’ way. Financial fraud or mis-selling occurs when you take on the services of a financial professional, and they sell you a product that does not meet your needs or is fraudulent.

When selling you financial products or services, all financial professionals must ensure that they give you advice that is factually correct and only recommend products that are suitable for you. However, some financial professionals do not adhere to this and may:

  • Give you unsuitable advice
  • Use pressurised sales techniques to bully you into a decision before you can consider if the product or service is suitable for you
  • Downplay or ignore risks
  • Not disclose additional fees until after your purchase
  • Not provide you with all of the details of a product or service, so that you purchase something unsuitable

Furthermore, you don’t have to have lost money to be a victim of mis-selling. The product or service simply being unsuitable for you may be enough for a claim. For example, if you make an investment that turns out to be riskier than you were willing to invest in, you may be able to claim even if you don’t lose money on it. On the other hand, merely having a badly-performing investment is often not enough for a claim- you must have been misinformed about the risks or sold something unsuitable for your needs.

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Yes. If you believe you have been a victim of financial fraud, your first step should be to complain to the organisation, institution, or financial advisor that mis-sold to you. This may be sufficient to get you compensation. However, suppose you’re not satisfied with their response. In that case, you can take your complaint to either the Financial Services Ombudsman or the Pensions Ombudsman, depending on the type of financial product or service that was mis-sold. Your financial litigation solicitor will be able to advise you on the best course of action from here.

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If you think you have been the victim of financial fraud or mis-selling, there are options open to you. Our team of professional financial litigation solicitors are here to help. Get in touch with us today to discuss your circumstances. If you have a likely claim against the financial advisor or institution who missold to you, we can advise you on the next steps.

Usually, under the Misrepresentation Act 1967, you have to claim within six years of the date that the financial mis-selling occurred. So, it is crucial to act as soon as you find out about the financial fraud to give your claim the greatest possible chance of success.

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At Setfords, we aim to get you the compensation you deserve if you’ve been a victim of financial fraud. This compensation typically takes the form of financial recovery, getting you back some of the money that you have lost and back to the position you were in before you were a victim of this distressing situation. The amount of compensation you will receive will vary depending on your situation. Speak to one of our expert financial litigation solicitors today to discuss your circumstances and the amount of compensation you may expect to receive.

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  • Investment products
    Such as stocks and bonds, are among the financial products most commonly mis-sold. If your financial advisor did not consider your preferences and needs when it comes to risk, or if they pressured you into a risky investment without a proper explanation, you may have been mis-sold. However, note that simply making a loss doesn’t always indicate mis-selling, as long as the risks were fully explained to you.
  • Pensions
    Can also be mis-sold. An example of this is when a financial advisor doesn’t consider your needs and wishes, or you were advised to transfer your pension from your employer’s fund into a SSAS (Small Self-Administered Scheme) or SIPP (Self-Invested Personal Pension). These schemes are considered a riskier investment than an employer’s pension fund. Here, you may have been mis-sold your pension if you aren’t made aware of the risks or any other pension options available to you.
  • Mortgage
    Mis-selling can occur when you are advised to over-state your income or borrow money without proving your income. Or, you can be mis-sold a mortgage if you are advised to switch your lender without being made aware of any fees or penalties. Finally, mortgage mis-selling can also encompass situations where you take on a fixed-rate mortgage and are subsequently advised to remortgage to a better deal, then suffer from penalties for leaving the fixed rate.
  • PCP
    (Or Personal Content Purchase) is a common way to purchase cars. Typically, the car retailer will also act as the financial lender. They must tell you the full details about the deal before you commit to purchase. So, if you purchase a car in this way, you may have been mis-sold if you aren’t told the full picture about the structure of the PCP deal and the repayments.
  • Mis-sold PPI
    is one of the most commonly known cases of financial mis-selling in the UK. The deadline to reclaim any mis-sold PPI passed in August 2019, so in most cases, you now cannot reclaim it. In some cases, you may be able to take it to Small Claims Court, although this is not always successful. For more information, get in touch with a solicitor today.

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Why choose Setfords for financial services litigation?

Setfords is a law firm with a difference. Our company structure is designed to provide you with the best legal advice possible. Furthermore, our lawyers have a wealth of experience providing expert legal advice that is accurate, professional, and helps you get the desired outcome.

Finding the right lawyer is important to ensure you get the best outcome. Our Financial Litigation Solicitors are experts in this often complex sector and have many years of experience they will use to support you.

We’ll be able to assist you in deciding on the right course of action for you as a victim of financial mis-selling or fraud, and will be honest about your options and whether pursuing a claim is viable. To find out more about us and how we work, please click here.