Payment protection insurance was the single biggest mis selling epidemic of the 21st century, however there are a range of new scandals about to come to the forefront of public attention.
Mis Sold Investment Claims – And The Scandals Associated With Them.
Miss Sold SIPPs – A SIPP is a self invested personal pension which is a vehicle for private pensions and routes by which funds can be placed into various different projects, businesses, products and the development of services, examples of this include care home SIPPs, african land SIPPs, the development of fuels, property investment SIPPs and a whole host of other investment opportunities.
Mis Sold Peps – A PEP is a personal equity plan, which is a type of (commonly mis sold) investment opportunity which enables individuals (generally high net worth individuals) to invest in stocks, shares, businesses, and other equity items. This has been miss sold in much the same way as the mis sold SIPP, through mass scale cold calling, email spam and other types of outbound marketing channels.
Mis Sold Bonds – These are investments that are usually based upon the value of a life insurance policy, or the money that would be paid out on a life insurance policy, making it a particularly risky investment investors should be warned about mis sold bonds and the risks..
Mis Sold Mortgages – more of a personal type of investment however this is worth a mention, mis sold mortgages have been mis marketed on a large scale to the general public during the course of the previous 20 years, this has also reached an epidemic level.
How Is It That People Can Make Claims For Mis Sold Investments?
People can make mis sold investment claims through various different types of litigation, for example in the case of SIPPs it may be possible to win compensation through the FSCS scheme (financial services compensation scheme) which enables individuals to win compensation through a government initiative which protects certain investments, also in other cases it may be possible to litigate other companies more directly.
It has been possible for a number of victims of various forms of investment mis selling to reclaim significant amounts of compensation – in many cases more than £50,000 has been awarded in compensation to winners of SIPPs claims.
How Long Does It Usually Take To Win A Claim For A Mis Sold Investment?
Mis-sold investments claims can take anywhere from 3 months to 12 or even 18 months to complete, however investment claims are usually carried out on a no win no fee basis, meaning there is no upfront financial risk to the client and they only pay if they win compensation.
Some investment claims can take longer than others, this will usually depend on the complexity of the case itself however there is no set time period for case completion.
When it comes to investments, don’t think that due to the fact these are large organisations you are claiming against they will be able to fight the liability more effectively, if the investment opportunity has been mis sold or you suspect it has been miss sold it is worth checking if you have a valid claim.