Are people having their careers ruined by the mis-selling scandals?

jhawthorn91

Hello

this may sound like a weird question, but with the whole PPI and packaged bank accounts mis-selling problems - are Bank staff and other workers being penalised or having their careers ruined by us now turning round and saying we were mis-sold?

I have come across the fact that I could have a claim for being mis-sold a packaged bank account but I'm reluctant to make the claim until I know it won't affect the person who physically mis-sold the item. The reason for this is many will have been caught up in a culture of mis-selling and I don't want to negatively impact on someone's career.

Thanks!

dunstonh

are Bank staff and other workers being penalised or having their careers ruined by us now turning round and saying we were mis-sold?

No.

However, some independent financial advisers or mortgage brokers are. Often unfairly. I have had a mortgage broker end up in tears because someone made a false complaint against them and then took it to the FOS costing that mortgage adviser £500 despite there not being any PPI sold. As a new young new mortgage adviser that was nearly a third of his monthly pay and he had just bought a house with a child on the way. It completely shattered him.

Nasqueron

jhawthorn91 wrote: »

Hello

this may sound like a weird question, but with the whole PPI and packaged bank accounts mis-selling problems - are Bank staff and other workers being penalised or having their careers ruined by us now turning round and saying we were mis-sold?

I have come across the fact that I could have a claim for being mis-sold a packaged bank account but I'm reluctant to make the claim until I know it won't affect the person who physically mis-sold the item. The reason for this is many will have been caught up in a culture of mis-selling and I don't want to negatively impact on someone's career.

Thanks!

There won't be comeback on an individual staff no but do remember you are complain about being miss-sold, not just bunging in chance your arm stuff

jhawthorn91

Oh my god, that is awful! This isn't just me saying I was mis-sold for the sake of a false claim. I was sold a package and realistically 3 of the four insurance products were not suitable but sold as if they were, but it concerns me that these individuals were in a culture of this, and some may not have realised as they didn't ask the right questions that they did mis-sell! And then there are stories like that poor gentleman who didn't even mis-sell but was reported as if he had!

dunstonh

The key thing is that with insurance, the individuals are not regulated. The employer is. So, the bank carries the liability and set the culture for its staff and management.

Whereas IFAs and self employed/small company mortgage brokers carry their own liability. When you carry the liability personally, it does focus your mind on quality. And perhaps this is why IFAs have such low complaint levels. IFAs do about 6 million advice transactions a year but running at just over 2000 FOS complaints (most of which are rejected).

I have had three complaints in 25 years. All three were try-it-ons. One in particular hit me hard mentally. I found it hard to trust people after that. Looking back, I think it pushed me into mild depression. It crippled my ability to work for about 3 months. i would just sit there are stare at the screen and put things off. I couldnt complete work as my confidence had gone.