Financial advisers often charge clients fees for ongoing advice. But all too often, clients are paying for services they do not need or have not received. You might have a mis-selling compensation claim if this has happened to you.
Many financial advisers charge clients ongoing advice fees, often for an annual review. And this can be a perfectly legitimate service. But if any of the following apply, you were likely mis-sold:
We help people in England & Wales claim back what they are due following financial mis-selling. We can even help you get your money back if the adviser has gone out of business.
Claiming with us is straightforward. It is free to sign up, and we act on a no-win, no-fee basis.
If a UK-regulated financial advisor charged you for advice you did not need or receive, contact us to find out how we can help. If you are unsure if you have a claim, we can find this out for you.
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The Financial Conduct Authority (FCA) – which regulates around 50,000 financial services firms and financial markets in the UK – has raised concerns about this practice. In a 2020 report, the FCA said:
‘We are concerned that so many new customers are placed in ongoing advice arrangements, suggesting that this may be a default option rather than always justified by the consumer’s circumstances. This concerns us because some customers might be paying for a service they do not need’.
If this applies to you, contact us to discuss a potential mis-selling claim. We cannot help if you have already claimed for the same service with the FSCS or FOS, even if this claim was unsuccessful.
Where multiple people have been sold unnecessary financial advice from the same professional advisor/company, or where they have not received the service paid for, we can help them to recover their losses collectively. Group actions can be a powerful tool and can have a bigger impact than a single claim.
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Here are some of the questions our clients have asked our expert lawyers about making a financial advice mis-selling claim.
If the following applies, you were likely mis-sold a financial advisory service:
Yes, if a UK-regulated financial advisor convinced you to buy a service (or signed you up automatically without your knowledge) and they have since gone out of business, you may have a claim. The Financial Services Compensation Scheme (FSCS) protects consumers when financial firms fail. The FSCS may pay compensation up to £85,000.
To make a professional negligence claim, you need to demonstrate that you were owed a duty of care, that the professional involved breached this duty, and that this breach caused you to suffer a loss. This can be hard to prove, as a professional is not expected to be right 100% of the time.
To win your case, you must show that another experienced professional in the same field would have given different advice, or that the professional failed to follow recognised good practice. We have a history of effectively handling these types of cases and can help you make a successful claim.
As a result of financial advice mis-selling, victims might have:
There are two main funds available to help victims of financial advice mis-selling:
You can make a claim without a lawyer. But while a DIY mis-selling claim could save you solicitor’s fees, in the end, even if you win, you might walk away with less compensation. This is often due to a lack of understanding over the law/procedures, which can put individuals at a disadvantage when up against savvy (and sometimes aggressive) defence lawyers. And, of course, if you lose your case, you will likely have to pay the other side’s costs. Because we offer no-win, no-fee funding arrangements, you benefit from expert legal support without worrying about costs.
Contact us to discuss your case. Signing up is straightforward and costs you nothing as we act on a no win-no fee basis.
You will only have to pay anything if you win. You will not have to pay anything upfront. Any payment would only come out of the money that we recover on your behalf. We will conduct the claim for you under a no-win, no-fee agreement. If you win, our fees will be deducted from your damages.
Each case is different, but many of those affected by financial advice mis-selling could be owed many thousands of pounds.
Our Investment Fraud & Mis-selling lawyers deal with a wide range of financial advice mis-selling cases every day. Here are just some examples of the type of cases we can help with.
Ten years ago, John sought advice from a financial advisor when transferring his pension. At the time, the advisor automatically signed John up for a regular review. John did not know that he would have to pay expensive yearly fees for an in-depth ongoing review of his pension pot. In addition, his situation did not warrant a comprehensive annual review. John paid thousands for advice he did not agree to and didn’t need, and we are helping him claim compensation for the mis-selling of the service.
When Amy sought advice from an investment advisory firm, she agreed to a regular review. However, despite paying for the service, she never received this advice. Amy had assumed that it was being done automatically, but the firm argued that it was up to Amy to contact it to take advantage of the service. However, according to the FCA, ongoing adviser charges may only be levied where ongoing advice is supplied. We are helping Amy get her money back and seeking interest on the fees paid.
Keith paid a UK-regulated financial adviser to ensure he received high-quality financial advice when buying life insurance. The advisor told him that he needed to pay for an annual review of his financial situation. But Keith did not need this advice and ended up paying for a service designed for people with more complicated financial affairs. Over the years, Keith spent thousands on advisory fees, and we are helping him to claim compensation for mis-selling and professional negligence.
*Names have been changed to protect client confidentiality.
If you are a St. James’s Place (SJP) client, you’ll know that the wealth manager has announced that it will be radically changing its fee structure.
See our answers to some of the FAQs we have been asked about making a St James’s Place compensation claim with our expert Investment Fraud & Mis-selling lawyers.
If you have invested with SJP, you could be due thousands of pounds in compensation. You could have a claim even if your current investment appears to have performed well.
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