Future Mis-selling Scandals to Protect Yourself Against

EdInvestor

Just make sure the documentation is watertight. After all, that's what has happened with the mortgages we discussed on the other thread and there has been no problems, despite plenty of aggrieved children making a fuss.

absolutebounder

HelpWhereIcan wrote: »

but the fact remains that there may be 'children' who argue (when they come to inherit less than they were expecting) .

Hmmm sounds a bit like parents and their endowments doesnt it.

Are you saying children are are being miss sold their inheritance by their parents now

dwight-van-man

Being a cynical old git, I would love to see someone sue one of the endowment 'claims' firms when they realise that the policy they were persuaded to complain about would actually have put them in profit if they'd left it to mature. Plenty potential for mis-selling accusations there...

I'd also like to see regulation applied to journalists reporting on any aspect of financial services or compiling 'best buy' tables.

I don't think any of the originally mentioned mortgages will ever present a wide spread problem - certainly not enough to warrant a mis-selling bandwagon of endowment-magnitude. My view is that mortgages did not and still do not need to be regulated - what SHOULD have been regulated and still presents a bigger potential problem is personal loan and credit card selling

At the end of the day, if you want to avoid being 'mis-sold' to, read the paperwork. I reckon most of the problems raised in this forum could have been avoided if the client had actually read what they were signing up for in the first place - but hey, its always better to blame the lender when theres the smell of compensation in the air....

defender_of_the_weak

Picking up on dunstons points anything, and I mean anything, can be mis-sold or inappropriate to the clients circumstances. What we are experiencing now is a growth in access to financial knowledge. 20 years ago if you wanted a second opinion you might be lucky and have vaguely informed mate down the pub. Now people have access to sites like this to find out more information and how to complain if it was wrong

MortgageMamma

I hasten to add that what we are experiencing now is a growing compensation culture, just like the yanks we will no sue for anything, I have a very old house with uneven floorboards and uneven flags outside, which can't be changed because it is listed, and I'm worried about a client cracking their head on the low doors or tripping - because thats the way things are going - so much of our time these days it taken up "watching our !!!" as people will sue for just about anything they can, justified or not. I know an IFA who lost two mis-selling cases for investments last year. he took one of them the the high court and lost again. His PI costs are now so high he wonders why he bothers. He still denies that there was a mis sale, and I wouldnt know, but he insists the British Legal System is pathetic

Mr_helpful

defender_of_the_weak wrote: »

Picking up on dunstons points anything, and I mean anything, can be mis-sold or inappropriate to the clients circumstances. What we are experiencing now is a growth in access to financial knowledge. 20 years ago if you wanted a second opinion you might be lucky and have vaguely informed mate down the pub. Now people have access to sites like this to find out more information and how to complain if it was wrong

20 years ago if you wanted a second opinion you might be lucky and have vaguely informed mate down the pub

now you get the same person giving advice on the forums

Now people have access to sites like this to find out more information and how to complain if it was wrong

They also have access to ways of lying to get wrongful compensation

Picking up on dunstons points anything, and I mean anything, can be mis-sold or inappropriate to the clients circumstances.

Spot on anything can be mis sold even the tin of beans mentioned by Dunston, or do we mean mis bought. Do we not have to accept some responsibility for our actions in the sales process. As I and Dunston pointed out on another thread the main reason the endowment mortgage sold so well was the fact that comparable monthly costs showed it the cheaper route to go and Miss selling never came in to it but people have been told what to say to lie on the forms so they find loopholes for their own tightness that gives them a little back. I wonder how those people who after having compensation and added the compensation into their endowment that they have kept. Then find the endowment does better than expected. Would they like to give back any surplus?

HelpWhereIcan

defender_of_the_weak wrote: »

Picking up on dunstons points anything, and I mean anything, can be mis-sold or inappropriate to the clients circumstances.

Which is exactly my point in this thread.

Without getting into the adviser vs claims firm/consumer champion thing

defender_of_the_weak wrote: »

20 years ago if you wanted a second opinion you might be lucky and have vaguely informed mate down the pub. Now people have access to sites like this to find out more information and how to complain if it was wrong

Which is why I think it is important that this site has a place that refers to some of the products that may be at risk of being mis-sold.

eg 100% plus mortgages linked to debt consolidation - perfectly acceptable used in the right circumstances, but not the answer for everyone.