Taking a claim for mis-selling through Court

EdInvestor

What evidence do you have to show you were mis-sold that would overcome the evidence that the provider will give that does show risk warnings were disclosed?

What makes you think the provider will still have the files?Mostly they have destroyed them and will have no evidence to show.

That's why so many complaints are won by default.

Definitely worth a try if under the small claims limit.

Mr_helpful

EdInvestor wrote: »

What makes you think the provider will still have the files?Mostly they have destroyed them and will have no evidence to show.

That's why so many complaints are won by default.

Definitely worth a try if under the small claims limit.

Put in to English this means Lie about the sale and you can win.
What a nice society we live in and how nice it is to know where peoples scruples lie, when theres a little bit of money at stake.

EdInvestor

...how nice it is to know where peoples scruples lie, when theres a little bit of money at stake.

Many people who have been missold financial products wish they had realised this years ago - perhaps they could have avoided being misled by salesmen when they were young and naive.

Sad to say, very little seems to have changed on the salesmen front.:( But a lot more people have woken up now, partly due to websites like MSE

HelpWhereIcan

EdInvestor wrote: »

Many people who have been missold financial products wish they had realised this years ago - perhaps they could have avoided being misled by salesmen when they were young and naive.

Sad to say, very little seems to have changed on the salesmen front.:( But a lot more people have woken up now, partly due to websites like MSE

Genuinely trying not to be confrontational, but....

Can I just ask whether you believe that any investment product was properly arranged?

Do you belive that mis-selling continues to this day and which products you feel are being mis-sold at the moment.

Just so I can get an idea of your thoughts.

dunstonh

Nationwide cannot simply say 'he got an illustration and book and knew what he was doing' . They have to show that the policy was not misrepresented at point of sale.

That works both ways. He would have to show that he was misrepresented.

You cant go to court and say you were mis-sold with no evidence and expect the judge to rule in your favour.

Mr_helpful

Edinvestor
Quote Sad to say, very little seems to have changed on the salesmen front.:( But a lot more people have woken up now, partly due to websites like MSE

I find it interesting you failed to comment on another line in my post which was
quote Put in to English this means Lie about the sale and you can win

You dont seem to deny that this is the way you are advising the OP to go.
What has happened is that sites like this one have shown people loopholes where they can get away with lying and cheating along side the genuine cases. Yes some products have been miss sold but a lot more people have exploited time and lack of documentation with their selective memory which you seem to condone.

EdInvestor

HelpWhereIcan wrote: »

Can I just ask whether you believe that any investment product was properly arranged?

Yes, of course there are practitioners who operate properly, though the structure of the industry can make it quite difficult for them to do so.

Do you belive that mis-selling continues to this day and which products you feel are being mis-sold at the moment.

Investment bonds, some IHT avoidance products (trusts), some protection products, some SIPPs and churned pensions in general..With profit annuities.Coming up: money back annuities/guaranteed products

There are a vast number of sales of products that are probably not technically misselling cases, just examples of expensive rubbish. eg multi-manager and FOF products (pure laziness!), many bank funds, the aforementioned IBs.

A major problem is that the salesmen (who act as distributors of products, not in fact as financial advisors to their clients) are incentivised by high commissions to sell expensive rubbish, not quality products.

It's the people who go execution/only to the discount brokers who actually end up with the quality service, paradoxically.

MortgageMamma

So Ed, do you or do you not condone lying as a form of obtaining compensation not rightly due? You have not answered Mr Helpfuls question...

It seems you think every financial product ever sold has been mis-sold. Do you think consumers of financial products are complete dweebs with no brain cells?

Could you explain your point about the structure of the industry at present making it difficult for practitioners to operate properly? I don't have any problems selling by the book, I have recently had a compliance review and got an excellent rating - I dont consider my inteligence or business practices to be any better than any other broker, so I'm quite sure anyone operating now will adhere to our regulators guidelines

Lifestore

Just a quick update.
I have received a confirmation from Northampton Court which states
that Nationwide will be defending my claim (I am not suprised)
As the small court claim was only £120, I thought it was well worth making the claim. I have kept much of the original illustration from 1989 and there is certainly no mention of risk or the fact that it might not cover the mortgage.
Any advise if I need to go to court would certainly be appreciated.

dunstonh

Its not just £120 though. If you lose, you will have to pay their costs as well.

I wish you luck anyway.