It should go without saying that anyone who gives you financial advice - especially if that’s their job should be doing it with your best interests in mind.
This is unfortunately not the case, and to make matters worse, the world of investments is confusing enough, so figuring out what your next steps are is definitely going to leave you feeling overwhelmed and not knowing who you can trust.
We like to keep things as simple and stress-free as possible for our customers whilst helping you understand what’s happened and what to look out for. So, we’ve listed the most common questions we get relating to mis-sold pensions and investments to shed some light on how our process works if you are eligible to make a claim. Of course, you can always schedule a FREE assessment if you have any other questions or are unsure if you’ve been mis-sold a pension or investment.
What do you define as mis-selling?
The way we define mis-selling is pretty simple: any situation where a customer has been advised to invest in something that would knowingly not be to their benefit, or where the person advising them of the investment simply didn’t know enough about their situation or the investment itself is what we would consider to be a mis-sold product.
How do I know if I’m able to make a claim?
To assess whether or not you’re able to make a claim, simply add your details to the form below for a completely FREE call with one of our friendly, experienced claims handlers will be in touch.
During this call, they’ll go through any details you have for them and will use this along with their specialised experience in this area to look for any evidence of bad financial advice or mis-selling.
If it’s determined that you have a case for a claim, it’s then up to you if you decide to work with us in getting back what’s owed to you.
What investments can I claim for?
You can claim against any investments where the value of your capital is able to go up or down, such as pension transfers and SIPPs.
Am I able to take investment companies to court?
Going to court is definitely an option available to you. However, it’s important to be aware that this could be a far more time consuming process - sometimes taking years, and resulting in costs that may exceed any compensation awarded.
When you work with us directly, we deal with the responsible parties and using our specialist knowledge in this field are able to get back the full amount of compensation.
How do you calculate what I get in compensation?
Our claim calculation is very simple, and works in two stages. The first stage is approaching the company who gave you the advice in the first place to determine how much you invested and then we get them to pay this back.
The second stage is then working out how much interest you should have been earning on your investment right up until today, and then adding that onto your compensation.
Are you really no win, no fee*?
Yes, 100%. We believe in full transparency and will never surprise you with hidden sign up or admin fees. All successful claims are charged at 25% plus VAT - that’s it.
Is my compensation taxed?
Taxation would apply to any interest you would have earned on your investment, so this part of your compensation will be taxed by your bank at their current basic rate of 20%.
If you’re usually taxed at a higher rate or are eligible to pay zero tax, you should speak to the HMRC and seek individual tax advice from a professional.
How long will my claim take?
To keep things fair and ensure that all procedures are being followed, we allow up to 8 weeks for a final response to your claim after it’s been sent. Although the majority of our customers do get a response within this time, there are some cases where it can take a little longer, and some situations where a resolution has been reached within a week.
Can you still help if I don’t have much paperwork?
Absolutely. Although it’s definitely more helpful if you have as much paperwork as possible, we can obtain what we need directly from the bank if needed to process your claim.
Do mis-sold investment claims have a time limit?
Currently there are no deadlines for making a claim, but since this could change in the future, we advise anyone who knows or suspects they’ve been mis-sold an investment to get in touch with us as quickly as possible.
How far back can you go with my claim?
Of course this depends on various things, such as the paperwork you have, and the bank you used, but generally we can go back up to 20 years - sometimes even longer.
What is the limit of compensation I can claim?
This depends on who your claim is settled with. When it’s settled directly with the bank who provided the original advice, there’s no limit.
In the case that we can’t settle with the bank directly and have to go through the FOS, they have a limit of £150,000.
If the company or financial advisor who gave the original investment advice is no longer in business, these claims will be done through the FSCS who have a limit of £50,000.
Are mis-sold investment products subject to a time-bar?
When you deal with banks and companies directly, they can claim a time bar as a reason for rejecting your claim. However, since this is a somewhat grey area, we have found that that we’re able to secure compensation for our customers in cases where the claim would have been time-barred had they gone through the bank.
After sending my signed claim forms, what’s next?
You’ll be assigned a personal claims handler who will put together your case which includes a detailed report for your bank or financial advisor setting out your case for a claim. Once this is sent, we’ll provide you with regular updates on the progress of your claim and inform you immediately when any offer of compensation is made.
Am I able to make my own claim with the bank?
Yes, you can definitely choose to make a claim directly with the bank. However, this could be a long and stressful process and could see you walking away with nothing. If you use a company like My Claims Helper, we take away all the stress and handle everything on your behalf.
Will my relationship with my bank be affected?
Not at all. Your bank has an obligation to look into any customer complaint and take the correct course of action to resolve it. Since everything to do with your claim is handled by a central department of your bank, your local branch will unlikely ever be aware of the claim being made.
What happens if the bank reject my claim?
In the case that your claim is rejected by the bank, we will then seek an independent review from the Financial Ombudsman Service (FOS).
Do you need my bank details?
No. We will never ask for your bank details.
How is my compensation paid out?
Your bank will pay your compensation directly to your bank account of choice, or by cheque.
Why should I choose My Claim Helper?
We’re certainly not here to tell you what’s best for you - only you know that. However, what we do know is that we truly care about our customers and in getting justice for them, which we see reflected in our 100% success rate in getting compensation to the many people who have been mis-sold pensions, investments, mortgages, and SIPPs.
Of course, wanting what’s right isn’t enough to win a claim, so our dedication combined with winning strategies and specialist knowledge and experience is what really makes us stand out.
It’s been a while since I took this pension, and I’m not sure I still have the paperwork - can you help me?
Yes, of course. We’ll ask you for some basic information, then contact the pension providers to obtain the rest to form our claim.
How far back can you go with pension transfers?
We’re able to look at all pension transfers after 1988.
How long will my claim take?
It all depends on if the bank or company is still trading and whether they reject your claim. In many cases where we go directly to the bank, we can see an offer within 8 weeks.
However, in some cases where we have to seek an independent review from the FOS, it can take up to 6 months for a claim to be resolved.
Can you give some examples of a mis-sold pension product?
Our customers typically come to us after they have been wrongly advised to transfer their pension to a Self Invested Pension Plan (SIPP), and the most common types of these include, Storage Units, Land, Overseas Property, Bio Fuels, Farm Land, Carbon Credits, and many more.
How much compensation will I receive?
This all depends on various factors, including the transferred amount and your personal circumstances at the time.
We always look to get the full amount of the investment plus any lost interest back for our customers.
The company that advised me is no longer in business, can you help me?
Yes. Our claims handlers specialise in this area, so we’ll just take some details from you and then work with the Financial Services Compensation Scheme (FSCS) to determine how to get your money bank.
How much are your fees?
We are completely no win, no fee. We charge no hidden or upfront fees, and everyone pays a simple 25% plus VAT on completion of a successful compensation claim.
Hopefully these answers will give you more of an idea of what to expect when making a claim or even simply allow you to see if you have been mis-sold any of the above products and have grounds for a claim.
If you still have any questions, simply fill out the short form below and one of our friendly claims handlers will be in touch to chat with you.
My Claims Helper is a trading style of Total Redress Services Ltd, regulated by The Claims Management Regulator in respect of regulated claims management activities, licence no. CRM43226. Details available and recorded at www.claimsregulation.gov.uk. A company registered in England & Wales. Company No. 1072924 Registered office: Norman House, Robson Way, Blackpool, FY3 7PP. Registered with the Information commissioners Office, ICO no: ZA269740