Everyone loves Monopoly, it is one of the most popular board game out there where you pick a card which tells you that the bank has committed a mistake in your favor where you get to keep the money, but in real life, things are entirely different which is why a lot of people are disputing with companies or banks because of different reasons.
This is where financial mis-selling happens where a person mistakenly sold a financial asset with the mindset that this financial asset is of no longer useful anymore, only to find out that they were only led by the company or the financial institution to a pitfall which is completely very difficult to reverse.
So, what is financial mis-selling? Financial mis-selling means that you were not given the appropriate and the right advice by the buyer of your financial asset, where the risks were not explained at all to you and the information you badly Needed ended up with a product that is not just right for your financial needs.
In a layman’s term, financial mis-selling is when you want to buy a product and you told the salesman you want to buy a computer to watch videos on it, and they provided you with their recommended computer model, and only to find out that when you already purchased it and brought it home, you were fooled because the computer does not have a DVD drive even if the computer is fully functioning. This means that the computer was mis-sold to you which goes the same as a mis sold pension.
This goes entirely the same as you purchased a wrong financial product or mis-sold something that does not favor you at all. The person who provides you advises you to purchase have to recommend something that is completely suitable to your needs and must explain it to you properly of its pros and cons.
It is important for them to explain it to you the risks involve of your investment or the financial product that you are about to purchase like pensions, insurance and other types of investments. If they fail to explain it to you, they might be apprehended by the law where you can get a claim compensation.
Fair treatment is always the key for a good financial service where everything must be sold as a fair, clear and not misleading to the customers according to the Financial Conduct Authority (FCA).
It is not entirely about whether you lost your money, even if you do not lose out, still, the product you purchased is not right for you, perhaps it would be a bigger investment risk that you avoided which unexpectedly happened to you. However, you can still reclaim and get compensation for the money you lost by filing a formal complaint about financial mis-selling.
However, you cannot file a formal complaint about the poor performance of your investment knowing that there are many investments that are considered a gamble because of the risks involved, but you can file a complaint that you were not told by its risks.