What is Financial Misselling?                          

Financial Misselling involves the sale of a financial product by a financial institution, be it a Bank, Insurance Company or other financial intermediary in circumstances where the person or organisation buying the financial product was not fully informed about the product, was misrepresented the type of product sold or was sold a product that was patently not suitable for them.

Some sample decisions by the Financial Ombudsman where findings have been made against Financial Institution in relation to financial products sold to consumers can be viewed by clicking the link: Financial Ombudsman Case Studies

The scope of Financial Misselling

The scope of the financial products sold to which the term “financial misselling” may have relevance is very wide. Such products include among many other products, any financial investment products, payment protection insurance, sickness and income protection policies, personal loan protection, credit card protection, mortgages and mortgage protection policies.

Were you badly advised when purchasing a financial investment product?

The whole area of financial misselling has become very topical because of the huge crash in global financial markets, which has meant that many financial products are losing large amounts of money and many other products, like income protection policies are having their terms and conditions tested like never before. The questions people are now asking themselves are the following:-

1. Why did I buy that product?
2. Why did I not realise what could happen with the product?
3. What can I do about it and where can I go?

What rights do I have?

Fortunately it is not a “buyer beware” scenario with the whole area of selling of financial products. The law offers protections to the purchaser of the financial products in a number of ways through contract law, the law of torts and more recently through the continuous development of legislation such as the Financial Services Authority of Ireland Acts 2003 and 2004 and regulation such as the Unfair Contract Terms Regulation 1995.

In short if you have bought a financial product and you now have a problem with it, you need to inform yourself of your options and investigate the possibilities of financial missellling having taken place.

Our Expertise

We have extensive experience in dealing with financial misselling matters. We understand the relevant legislation, and how to apply it to your advantage in negotiating with and litigating against Financial Institutions.

What we can do for you

1. Evaluate your concern in relation to the product you have purchased.
2. Act on your behalf in any complaint you may bring to the Financial Ombudsman.
3. Negotiate a settlement on your behalf with the Financial Institutions.
4. Initiate and defend legal proceedings in the Courts on your behalf.

Regulatory and Legislative Protection

Unfair Contract Terms Regulation, 1995

Investment Intermediaries Act, 1995

Central Banking Acts 1942 to 1998

Insurance Act 1989

Government Financial Websites

Financial Regulator 

Central Bank and Financial Services Authority of Ireland 

Financial Regulator – Independent Information on Financial Products 

If you are interested in our new Financial Misselling Service please contact Thomas McNamara, solicitor, for further information on our service.

RELATED DOCUMENTS