There would be occasions when you will have the wrong kind of economic product or service from the mortgage firm, bank, or other financial institutions and service providers. You complain about the shortcoming to the involved company and you decide to be refunded for what went down. Even so, the company was slow to answer or reacted in a way that is not what you planned. When this occurs, you can lodge your case with either the Financial Ombudsman Service or the Pensions Ombudsman; they will act on your case at no charge in any way, whether it's a form of mortgage mis-selling, a deceptive financial deal, a kind of financial device being sold to you that is different from the one you asked for, and others.
Before we will continue to what can be done in the event of an economic mis-sell, let's outline more plainly what forms of methods and actions constitute mis-selling. It implies that you've been advised incorrectly regarding your economic transaction or if the correct information was taken out from you. Either way, you bought or acquired financial product or service that you did not request for to start with. By this there are 2 vital considerations that we have to take into account: One, losing money is not only the point; it's the fact that there was mortgage mis-selling or that you had been sold another type of financial or investment instrument that you need to submit a complaint out of it. Second, you may only argue that the purchase or investment that you made was fraught with threat, but you can't complain the fact that it turned out badly for you.
We now continue with how you can act in the face of a mortgage mis-selling, a mistake in the type of financial or investment instrument that you signed up to, or any kind of financial mis-selling. Remember you should act right away if you wish to lodge your issue to the Financial Ombudsman's Service; you will only be allowed six years from the moment you received the mis-sold monetary product, and three years from the time when you initially discovered or became aware that your acquisition was defective to begin with. For the Pensions Ombudsman, you will need to apply around 3 years from the time from when the mis-sold deal happened, and three years from the time you initially notice that something was out of place in your acquisition.
Before you go either to the Financial Ombudsman's Service or the Pensions Ombudsman, you will have to complain to the company or financial institution first about the faulty transaction. There are three steps you must follow during this process:
1) Assemble everything that relates to the mis-sold purchase or acquisition - Obtaining definite and written evidence of the mortgage mis-selling, wrong pension application, or other forms of financial mis-selling is great, but you need not do so if you wish to pursue your case. The most important thing is you obtain the facts that you will need so that you can properly disclose your issue. You must also state your case in a right manner and don't adorn it with pointless side issues.
2) Submit your complaint to the financial services adviser or provider that presented you the wrong kind of investment or mortgage - Obtain a copy of the business's in-house grievances procedure if it has one (financial businesses are instructed to have one; you may generally find it in its site). By doing this, you will know who you have to address your trouble to. Once you filed your protest, the company will have up to 8 weeks to respond to it; when they don't produce any clear reply after that time, you can raise your issue to the Ombudsman's Service. Furthermore, if you are disappointed with the company's reply, you have until 6 months to file your problem with the Financial Ombudsman Service; for the Pensions Ombudsman, you have three years from the time the contract took place or three years after you first seen that there was a problem with it. You can still pursue your case even if the institution or company in question has failed by now.
3) Have the Ombudsman's Service check out your case - Here is where the Financial Ombudsman Service or the Pensions Ombudsman enters in. It will pursue your case for free; however, you should ensure you have thoroughly followed the aforementioned steps to be able to prevent any technicalities that may develop from it.
If you ever encounter mortgage mis-selling or another kind of financial mis-selling, you can always complain about it and have your issue known. Ultimately, it is the obligation of the issuing financial institution or company who advised you concerning the transaction or gave you the service or product to begin with. The Ombudsman is definitely ready to help you in the event you find any difficulties in seeking reimbursement or be paid for the faulty contract.