Misselling is the deliberate, reckless, or negligent sale of products or services in circumstances where the contract is either misrepresented, or the product or service is unsuitable for the customer’s needs.
If you are facing a possession order on your home, you can ask the Court for a stay on any action until the mis-sale complaint is dealt with.
Misselling may involve the deliberate omission of key information, the communication of misleading advice, or the sale of an unsuitable product based on the customer’s expressed needs and preferences. Misselling is both negligent and unethical and may lead to legal action, fines or professional censure for those who engage in it. It has been defined by the United Kingdom’s former Financial Services Authority as “a failure to deliver fair outcomes for consumers.”
Financial misselling refers to deliberate false statement made by individual, usually a financial organisation representative to sell off their financial products or services usually not suitable for the customer.
If you think you may have been missold a mortgage or a pension product, please read the attached tabs on the site.
To prove a mis-sale of a financial product in Ireland, you must first complain to the bank or broker that sold you the product. In the case of mortgages, you should always complaint to the bank. The bank has a set period to respond to you, usually 40 working days. Once you have received their final response on the matter, you then need to take the complaint to the Financial Services and Pensions Ombudsman (www.fspo.ie).
The Ombudsman can award compensation of up to €500,000. Misselling of long term products such as mortgages and pensions can have a grave impact on individuals, including the potential loss of their home.
For more details on mis-sales of mortgages and pensions, see the additional tabs on this site. If you believe you have a mortgage mis-sale, please complete the questionnaire in the “Apply” tab for a non commitment review of your mortgage.
If you believe you have been mis-sold a pension, please contact us at benhoey@quartech.ie
See the FAQ tab if you have more questions.