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One of the most important things that you should do as a modern-day employee in the UK is avoiding financial misselling. Of course, most people have a very short-term memory nowadays and even without that much, the manpower pool in the UK is now composed of young professionals who were probably too young to know all about the pensions misselling scandal that broke out in the 1980s with cases that are still going on today. Of course, if you ask your parents or someone who lived through the outbreak of the 80’s pensions misselling scandal, then you might learn a thing or two about avoiding financial misselling and how you can detect when you might have been missold a financial product.
What Is Financial Misselling?
Before we can even get to the topic of avoiding financial misselling, it is important to know first of all just what constitutes financial misselling. After all, you cannot avoid what you are not aware of in the first place. To put it simply, a financial misselling occurs when you were sold a financial product that does not suit your particular needs and that you relied upon the expertise of a financial advisor in order to purchase this financial product.
This definition is accurate, but it can be a bit vague because financial misselling actually covers several types of issues. What is common to all types of financial misselling however is that the risks involved in buying the product were not fully explained to the buyer and that this concealment of information would have been a deal breaker for you.
To give you a more common example, it is like buying a new TV for a particular purpose. For example, you wanted to buy a new Smart TV in order to stream NETFLIX shows in your living room. So, relying upon the expertise of the shopping attendant who assisted you, you went home with a new 52” 4K Ultra HDTV with all the new features such as being seamless and having a surface that curves inwards for great viewing angles. Of course, much to your chagrin, you discovered that you cannot connect your new TV to the internet because it actually lacks any kind of smart functionality – it is simply large TV set. This is an example of a misselling and this is also an example of how a financial misselling can occur.
Basically, if you were missold a financial product that you thought would have particular benefits and you discover later on that some facts about the product were concealed in order to seal the deal, then you may have been a victim of financial misselling.
Avoiding Financial Misselling
If you want to avoid putting in your nest egg into a bad product, then you should have a list of specifications that you want for the product you are buying. Make sure that the product you buy actually crosses off every item on your list. Also, shop around and do some research about the product. It is best if you can find actual client testimonials but not those from the company itself. Also, make sure that you are aware of all the charges involved and that there are no hidden charges. Finally, check the fine print on the product. This is usually where finance companies hide their hidden the cons of their product.
If you’ve got any questions regarding this or you’d like to know more about making a claim, please call out team on 0161 850 9069.