Banking Mis-Selling Compensation Claims

Am I eligible to make a claim?

If your bank advised you on your mortgage, an investment, or other financial product and you lost out, then you’re entitled to claim back what you lost, including interest, and compensation.

A financial advisor should always consider the following:

• Takes into account your particular financial needs, together with that of any dependent(s) you provide for.
• Recommends products (i.e. savings, pensions, investments etc) that are affordable to you.
• Takes into account your short or long-term commitments and/or requirements.
• The advice is suitable and you are happy with the level of investment risk.
• Takes into account whether you pay tax and/or advises you as to the potential tax liability to you and to any of your dependents.

If your advisor did not take the above into account, then you could claim compensation.

Mis-sold mortgages (including endowments)

Some ways you might have been mis-sold a mortgage:

• Your mortgage end date is after your retirement date
• You weren’t told about the commission the adviser would receive from the lender
• You were advised to self-certify (borrow money without proving your income) or overstate your income in order to borrow more
• You were advised to switch lenders and weren’t told about the fees and penalties
• You were given a fixed-rate mortgage and told to remortgage to a better deal later, then incurred penalties for leaving the fixed rate early.