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How To Solve The Problem Of Missold Investment Bonds

download (5)Banks have been creating the news again about the mis-selling of protection and investment products such as investment bonds. As investment bonds are connected to the stock market they are naturally risky and not appropriate for everyone. Yet some individuals have been convinced into spending into investment bonds (or making an investment more than they intended) and now repent the decision.

Why Does Mis-Selling Happen?

Mis-selling can occur for a variety of factors. Bad sales methods (e.g. ‘hard sell’ approaches) can be passed down to staff; sales staffs could be trained poorly in the items they are selling or, in rare situations, purposeful mis-selling can occur. In the situation of the standard banks, which made the news at the end of 2013, it was exposed that employees had been incentivised with over £1,000 per product for promoting investment bonds and threatened with demotion if they did not fulfill the target of sales. This put stress on them to mis-sell investment bonds.

What to Do If You Have Been Mis-Sold?

The main thing you should do is genuinely ask yourself whether you have been mis-sold investment bonds. This has nothing to do with the advantages you may or may not have obtained from your investment. For example, if you recognized the risks engaged and lost cash because of the performance of your funds, you were probably not mis-sold to. If, however, you were wrongly advised you had to pay a great sum into your investment bond, then you were mis-sold to – even if your investment ended up creating you a lot of cash. If you believe you were mis-sold investment bonds, the next phase is to collect together any information that might assist your claim and get in touch with your provider for details of their complaints procedure (this information may be on their website). As opposed to some people’s perception, you do not need solid evidence of mis-selling to make an effective claim.

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