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Blog @ Claims

On the Assist.Claims Blog you'll find interesting articles about pensions and investments as well as news and links to other items we find on the internet concerning the financial claims industry. The government is constantly reviewing legislation on pensions, investments and mis-selling and financial institutions are under increasing pressure from financial regulators.
If you'd like to see more information on particular topics, let us know via our Contact Us page.

Mis-sold a Halifax Investment?

Mis-sold a Halifax Investment?

Lloyds Banking Group Was Fined £28m for Financial Products Miss Selling at Halifax Bank - A record fine at the time!

The impact of this fine a couple of years ago continues to affect UK savers and investors who received bad investment advice from Halifax Bank. Halifax staff were incentivised via a scheme to earn more by selling more investment products to customers, leading to an increase in miss sold investments by Halifax.  Customers who were given advice by Halifax advisors will want to check if they have a claim for miss sold ISAs, miss sold with profits bonds, or other miss sold investments by Halifax.

If you feel that you may have a claim please contact us without delay, either via our contact form at the bottom of this page, or by calling free on 0800 254 5066.

"Lloyds Banking Group has been fined £28m for putting branch staff under such pressure to sell products in order to claim bonuses or avoid being demoted that they may have mis-sold them to customers." 

What kind of pressure were they under?

Staff earned points for each policy or investment they sold, and could be automatically promoted or demoted based on their sales performance, getting a pay rise or pay cut at the same time. An adviser who didn't hit 90% of his or her target over a nine-month period could see their base annual salary drop from £33,706 to £25,927, and if they were demoted again it could drop to £18,189.

Sales of insurance policies earned around double the points of sales of investments. The pressure was such that in one case an adviser sold insurance to himself, his wife and a colleague in order to hit his target and prevent himself from being demoted.

What products were they selling?

The Financial Conduct Authority (FCA) fine is based only on an investigation into investment and insurance products, not other products that staff may have been incentivised to sell. The products being sold to customers included stocks and shares Isas, critical illness and life insurance policies, income protection, personal investment plans, and investments into open ended investment companies (Oeics).”

Hilary Osborne, The Guardian, 11/12/2013

Financial Ombudsman rules against Mis-Sold Private...
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