Insured against a mis sale.

DavB93

I've heard a few people on the board say that by using a broker you are insured against a mis sale, under what curcumstances can you claim for a mis sale? I don't have an endowement mortgage but was just wondering, plus who pays any compensation (broker or someone else). Sorry if this has been asked before.

dunstonh

When you get financial advice the adviser is liable for the advice given. If it turns out the advice you got was wrong, then the adviser would have to pay any redress. Depending on the type of business it is, it would range from the adviser themselves paying it (self employed/partnership), the directors of the business (if limited company) or within the business (bank, employed salesforce).

The circumstances are that if you have sought advice and an inappropriate product has been recommended or insufficient disclosure given on a high risk product or similar hasnt taken place then you can complain.

DavB93

Thanks, who do you complain too?

MortgageMamma

Depends who you have the complaint with really.

If its a complaint about an individual advisor, dependent upon the circumstances, by which I mean if its a current ongoing issue I would speak to them about it first.

If that doesnt resolve the issue look on the back of your key facts document (the document your advisor should have given you telling you about the level of service and fee's) at the back there is a section called what to do if you have a complaint. A contact name and address and phone number for the individuals compliance dept should be there.

MM

EdInvestor

If they reject your complaint you can then take it on the the Ombudsman

https://www.financial-ombudsman.org.uk

If you want to complain and discover the broker has gone out of business, go to the FSCS.

https://www.fscs.org.uk